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Friday October 30, 10:10 PM Reuters

Pantaloon Retail to spin off Big Bazaar

MUMBAI (Reuters) - Pantaloon Retail Ltd, India's largest listed retailer, said its board had approved spinning off its Big Bazaar and Food Bazaar operations and related formats into a wholly-owned subsidiary to raise funds.

Pantaloon, the flagship company of Kishore Biyani's Future Group, runs 119 Big Bazaar stores in more than 70 cities across India, and plans to have 275 stores by 2014.

The board also approved consolidating Pantaloon's holding in Future Capital Holdings and some insurance joint venture firms into a single entity, Pantaloon said in a statement on Friday.

(Reporting by Aniruddha Basu; Editing by John Mair)

(For more news on Reuters Money visit http://www.reutersmoney.in)

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