Mumbai, Jan 22 - Pantaloon Retail India Ltd , India's top listed retailer, said on Tuesday its board had approved setting up wholly owned subsidiaries for its various retail units as it taps the fast-growing market.
Pantaloon's Big Bazaar and Food Bazaar hypermarkets, its speciality retail business and its property and mall management division will be set up as separate subsidiaries, it said.
Pantaloon Retail operates more than 1,000 stores spread over 7 million sq.ft. in India, including 77 Big Bazaar and 118 Food Bazaar outlets, 5 Central Malls and 35 department stores.
Earlier, it reported a 28 percent fall in its quarterly profit to 316.5 million rupees ($8 million).
India's highly fragmented retail industry is estimated at about $350 billion and is forecast to nearly double by 2015.