Asian investment firms, including Singapore’s Temasek, are eyeing 30 per cent of Indian retailer Aditya Birla.

The investors, which also include L Capital, the investment arm of LVMH Group, and International Finance Corporation, a unit of World Bank, are reportedly in advanced talks to buy a minority stake in Aditya Birla Retail, whose portfolio includes Madura Fashion and Lifestyle and Pantaloons, for $400 million – $500 million.

Aditya Birla plans to use the fund to expand its retail network across the country.

Temasek declined to comment on the report while L Capital and IFC were unreachable.