Taking advantage of the government’s move to open the retail sector to foreign players, private equity major Actis has opened talks with global retail biggies such as 7-Eleven, Lawson and Tesco to sell its 40 percent stake in South India-based retail company, Nilgiris.
Actis was earlier negotiating with private equity players such as Temasek and Advent to sell stake but changed its strategy to go slow on the sale so that it could get a better valuation from the foreign retail companies planning to set up shop in India.
(Source: Business Standard)