Kumar Managalam Birla's apparel retail businesses will be spun out into a single company to unlock value as Madura Garments and MGL Retail will be taken out of Aditya Birla Nuvo and merged with Pantaloon. Arvind Singhal - CMD, Technopak Advisors joined us on ET NOW to discuss the upside in this merger for this retail entity, the changing dynamics of the retail market and the need to look at e-commerce for the entity to remain relevant for a medium to longer term. Listen in.