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Pantaloon Retail Chief Operating Officer Ved Prakash Arya has quit, reports The Economic Times. Arya, 37, one of the brightest retail executives in the country, is believed to be floating a real estate fund in which Tata Group, among others, is expected to invest, according to sources close to him. Arya is expected to continue on the board of Pantaloon Retail India (PRIL).

Arya is likely demit office on March 31. At PRIL, Arya was responsible for all M&A activities besides strategic initiatives of the company. A graduate of IIM Ahmedabad, Arya was earlier the CEO of Globus Retail.

Arya was last year selected as a hot executive by Business Today magazine.