Private-equity group Actis Capital has remained silent on reports it has reached an agreement in principle to sell its holding in Indian supermarket chain, Nilgiris, to Future Group.

According to India's Economic Times, Future Group has reached an agreement that will see it take control of Actis's 65% stake in the grocery chain, which operates in southern India. Actis will then take a minority stake in Future Consumer Enterprise, the arm of the Indian conglomerate that includes grocery retail brands such as KB's Fair Price, Big Bazaar and Aadhaa.

Future Group is also understood to have reached a deal to snap up the minority holding in Nilgiris owned by the Mudaliar family.

A spokesperson for Actis declined to comment on "market speculation". Future did not return requests for comment at time of press.