MUMBAI, Oct 30 (Reuters) - Pantaloon Retail Ltd (PART.BO), 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 Women's Fashion

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 30 October. (Reporting by Aniruddha Basu; Editing by John Mair)