Indian ice cream maker Dinshaw Dairy Foods is not in talks with to sell shares in the business.

Over the weekend, Indian newspaper The Economic Times said Dinshaw was on the block and its were in discussions with ActisApax Partners and other strategic investors.

The promoters of the company, which is part of the Bapuna Group, are said to be seeking a valuation of US$300m and has appointed investment bank Moelis & Company as advisors, the newspaper reported.

Speaking to just-food, a company official, said: “We are not selling the company or offloading any stakes in the company to private-equity funds Actis and Apax Partners or other investors.”

Actis and Apax declined to comment. Moelis had not returned a request for comment at the time of writing.