Aditya Birla Nuvo managed - Pantaloons Fashion & Retail Ltd will invest Rs 150 crore to add 18-20 more new stores in this fiscal year.
At present, Pantaloons operates and manages 83 large format stores across India.
Pantaloons will also refurbish 21 stores through infrastructure and assortment upgrade, Business Standard reported.
Last month, Pantaloons said it plans to raise up to Rs 500 crore through various means, including a rights issue this year to fund its growth capital requirements.
Out of the aggregate amount of Rs 500 crore, up to Rs 300 crore is proposed to be raised through rights issue, it added.
For the quarter ended June 30, 2014, Pantaloons reported revenue of Rs 386 crore.
In 2012, Aditya Birla Nuvo Ltd entered into an agreement with Kishore-Biyani led Future Group to acquire a majority stake and infuse Rs 1,600 crore into the Pantaloons store chain.