L Capital, Temasek Holdings and International Finance Corp are in advanced talks to buy 30 per cent stake in the retail arm of the Aditya Birla group for about $400-500 million, two sources with direct knowledge of the matter told Reuters .
The sources said the three private equity funds were looking to buy the stake in Aditya Birla Retail, which included apparel maker Madura Fashion & Lifestyle, department store chain Pantaloons and supermarket chain More.
“The talks are quite advanced and are in the final lap,’’ said one of the sources.
To expand operations The Aditya Birla group would use the funds to expand its retail operations, the sources also said, declining to be named as the talks were still private.
Temasek and the Aditya Birla group declined to comment. L Capital, the private equity arm of LVMH Moet Hennessy Louis Vuitton SA, and World Bank unit International Finance Corporation were not immediately available for comment.
