India’s largest listed retailer Pantaloon Retail Ltd said its board has approved spinning off its Big Bazaar and Food Bazaar operations and all related formats into a wholly-owned subsidiary to raise funds. In a statement on Friday, the board also approved consolidating Pantaloon’s holdings in Future Capital Holdings and insurance joints venture firms into a single entity.

Pantaloon runs 119 Big Bazaar stores in India and plans to have 275 stores by 2014.