Mumbai-based Future Group was reportedly in talks with British private equity firm Actis Capital to acquire supermarket chain Nilgiris.

According to the Economic Times, Future Group is the largest retailer in India in terms of revenue. It is owned by millionaire Kishore Biyani, who was labeled by Forbes as India's mall king. Biyani has a net worth of USD475 million.

If the deal eventually goes through, it would give Biyani control over 140 supermarket chains in south India. Biyani's Future Group is looking to expand its presence in the area, the report said.

Nilgiris is a Bangalore-based supermarket chain bought by Actis Capital for USD65 million in 2006. The UK-based investment firm holds a 65% stake in the company, Economic Times said.

According to the report, Actis Capital sought advice from HSBC's investment banking unit regarding the sale. The private equity firm valued Nilgiris at USD150 million to USD170 million at that time.