Vishal says no talks with Shriram

A report had said the Shriram Group was likely to take over the cash-strapped front-end retail arm of Vishal,after private equity investor Texas Pacific Group (TPG) took charge of its wholesale division.

The retailer ran into difficulty in late 2008 after it failed to raise equity amid an economic downturn which also hit sales.

Vishal Retail had said in June that while TPG would operate the wholesale company while some other Indian investors would buy out the retail arm.

At 3:29 p.m.,shares of Vishal Retail were up 1.36 percent at 52.15 rupees in a weak Mumbai market.