US private equity group Silver Lake Partners is in negotiations to invest $1bn in India’s Reliance Industries Limited’s (RIL) retail division.

The discussions follow as RIL aims to sell approximately 10% in new shares to raise $5.7bn. 

A Reliance Retail spokesperson said: “Our company evaluates various opportunities on an ongoing basis.  

“We have made and will continue to make necessary disclosures in compliance with our obligations under Sebi rules and our agreements with stock exchanges.” 

Reliance Retail was founded in 2006 and currently operates a chain of neighbourhood stores, supermarkets, wholesale cash and carry stores, speciality and online stores, as well as several partner brand stores. 

It operates in different categories such as food and grocery, consumer electronics, fashion and lifestyle.

The company runs 10,901 stores across more than 6,700 cities in India. 

Last month, RIL subsidiary Reliance Retail Ventures Limited (RRVL) agreed to buy certain businesses, including Retail & Wholesale Business and the Logistics & Warehousing Business, of Indian conglomerate Future Group for ₹247.13bn ($3.38bn).  

The same month, RRVL also acquired a majority equity stake in Vitalic Health (Vitalic) and its subsidiaries, which are together known as Netmeds, for $83m.