MUMBAI, Dec 1 (Reuters) - Pantaloon Retail (India) Ltd <PART.BO> plans to form a retail joint venture with state-run National Textile Corp to cash in on the retail boom in the country, the Economic Times daily reported on Saturday.

National Textile Corp (NTC), which has been selling land for revival, plans to spin off its 113 retail outlets across the country into a separate firm. The firm would be taken over by the joint venture, with NTC owning 51 percent, the paper said.

"We have some plans for our retail business," the paper quoted NTC chairman K Ramachandran Pillai as saying. Pillai added it was too early to say anything now as the company was preoccupied with five newly formed ventures, the paper said.

Ailing NTC had formed joint ventures in November with private players including Pantaloon Retail to revive five struggling mills.

"As we are partners now, we are talking about every possibility," the paper quoted Pantaloon managing director Kishore Biyani as saying.

Both NTC and Pantaloon officials could not be immediately reached for comment.

NTC's retail outlets sell fabrics and garments produced by its own mills. The outlets are spread across prime locations in Delhi, Mumbai, Kolkata, Chennai and other large cities in the country.

(Reporting by Narayanan Somasundaram) (([email protected]; 91 22 6636 9068; Reuters Messaging [email protected]))

Keywords: PANTALOON/JV