Carrefour has remained tight-lipped over reports it is still considering an IPO of its Brazilian operations.

A potential initial public offering of Carrefour’s Atacadão wholesale arm was the subject of recent discussions by the board in France, according to Brazilian publication Valor Economico. The retailer has included Brazil in the group of emerging countries that are subject to analysis for the IPO of its subsidiaries worldwide, the publication noted.

It is the second time reports have emerged of a potential IPO for the division. In October last year the group was reported to be preparing to launch an IPO for the unit in a bid to unlock the value of the business.

In 2012, the division recorded “continued strong growth” with sales up 1.2% to EUR12.54bn (US$16.75bn) and 7.7% on a like-for-like basis.

A spokesperson for Carrefour, however, declined to comment on the reports.