Pantaloon Retail, India's largest publicly-listed retail chain, is to set up wholly-owned subsidiaries for its businesses.

In a statement to the Bombay Stock Exchange, the company said its board had approved the move to form separate units for its Big Bazaar, Food Bazaar, speciality retail and property operations.

Last week, Pantaloon signalled plans to open 1,500 KB's Fair Price discount stores nationwide within the next three years.

Pantaloon told just-food that the success of the 20 KB's Fair Price stores up and running in New Delhi had encouraged it to expand the business.