MUMBAI - India's Pantaloon Retail, the country's largest listed retailer, plans to spin-off its branded apparel business under the Pantaloons brand into a separate company, a source with direct knowledge of the development told Reuters.

Aditya Birla Nuvo, which owns several branded apparel brands such as Louise Phillipe and Allen Solly will invest 8 billion Indian rupees ($152 million) in the spun-off business, the source added.

Pantaloon Retail, controlled by Kishore Biyani, runs other businesses such as hypermarkets under the Big Bazaar brand, the E-zone electronics chain and lifestyle retailer Central.