Retail chain store operator Aditya Birla Retail Ltd. is open to selling a 10% to 15% stake to private equity firms, its chief executive said Friday.
“We have no objection to diluting (stake) provided we get the right valuation and the right partner,” Thomas Varghese told Dow Jones Newswires by phone.
Varghese, however, clarified that there is no deal on the table at the moment.
He added that a private equity deal with a foreign fund would only be possible after India relaxes its rules governing the retail sector.
Indian regulations restrict foreign investment in multi-brand retailers that sell directly to consumers, but there is no such restriction on wholesale retailing.
Source: Nasdaq