According to a report in Russian financial daily Vedomosti, Vladimir Gruzdev, founder and co-owner of grocery chain Seventh Continent, is in talks concerning the possible sale of his stake.

Gruzdev currently holds 37.4% of the company, which has been valued at as much as US$800m.

Gruzdev is believed to have held talks on selling the stake to Seventh Continent co-owner Alexander Zanadvorov in October and November, and to former shareholder of MDM Bank, Andrei Melnichenko, in December.