Pantaloon Retail launches Gold Bazaar

Company press release, June 26, 2003

Mumbai

Pantaloons Retail (I) Ltd., today announced the launch of Gold Bazaar - its fourth retail division - at Big Bazaar, Mulund on June 28, 2003. Keeping in tune with its philosophy, 'Rewrite Rules - Retain Values,' Gold Bazaar is a unique concept with six unique benefits in terms of what it offers to its customers. A certificate announcing the purity of the Gold, offering a standard rate chart on 'making charges' which is 20% less as compared to the market rate, an all risk/perils insurance cover from ICICI-Lombard and excellent buy back schemes are some of the distinct advantages Gold Bazaar offers. At Gold Bazaar, the Gold is tested for purity on a non-destructive Karat Meter before the customer so as to ensure that the quality of gold they buy from Gold Bazaar is absolutely pure. Just like Big Bazaar and Food Bazaar, Gold Bazaar too is a value for money destination.

Announcing the launch, Mr Ambrish Chheda, Chief -Business Development, said, "Keeping in mind the traditional mindset of our customers we at Pantaloons, endeavour to offer our customers a transparent transaction something which has never been offered before in gold retailing. At Gold Bazaar our customers can check the purity of the gold by means of a karat meter using the XRF technique. The World Gold Council supports us in our efforts to ensure that the consumers are assured of the quality of the gold jewellery they buy. A certificate of purity issued by Roentgenanalypik Messtechnik GmbH will accompany every purchase made at our store. Also we would probably be the only ones to put up a standard rate chart for 'making charges' there by simplifying the calculation for the cost of the ornament."

He further elaborated, "At Gold Bazaar we would also be offering a once in a life time opportunity, wherein with no extra cost except for the making charges, a 19.9k gold jewellery could be exchanged for 22k gold jewellery. Pantaloons has always kept its customers needs as top priority, which is why we have tied up with ICICI Lombard to insure the jewelry purchased from Gold Bazaar against all risks and is a first by any gold retailer. Thus aiming to provide complete security on our customer's investments."

Speaking on the occasion, Mr. Sanjeev Agarwal, Managing Director, World Gold Council, Indian Subcontinent, said, "India remains the largest consumer of Gold and Indians continue to consume gold for both its adornment and savings value. The World Gold Council supports all trade initiates that offer good designs, good quality, good service at affordable prices. We are happy to be associated with Pantaloon in their new endeavour to offer gold through their channel."

Slated to open at Big Bazaar, Lower Parel in the next few weeks, Gold Bazaar's six unique benefits also include exchanging old jewellery for new with guaranteed 0% weight loss, giving their customers complete satisfaction and true value for their money. A life long after sales service which includes cleaning, polishing and repairing services thereby ensuring that the ornament purchased from Gold Bazaar will sparkle and glitter all throughout your life. And most of all should the customer be dissatisfied with the purchase he has made there is a 15 day money back guarantee - no questions asked.

Pantaloon Retail (India) Limited is today recognized as one of the pioneers in the business of organized retailing in the country and is expecting a turnover of Rs 400 crores in the current financial year ending June 2003. The company is headquartered in Mumbai with zonal offices in Kolkata, Bangalore and Hyderabad. It has 3 kinds of stores - 18 Pantaloon Family Stores, 6 Big Bazaar discount hypermarkets and 6 Food Bazaar large sized supermarkets and over 3.5 lakh sq.ft. across Kolkata, Mumbai, Thane, Pune, Hyderabad, Bangalore, Nagpur, Ahmedabad and Kanpur.

For further information contact:

Mini Ribeiro/Mary Barretto

Litmus

Tel : 26243766 / 26253167