Wal-Mart Stores has dismissed reports linking the US retail giant to a possible joint venture deal with Indian conglomerate Future Group as “speculative”.

According to a report in India’s Economic Times, Wal-Mart and Future Group – owner of Pantaloon Retail – have engaged in discussions over the possibility of the US group investing in Pantaloon’s Big Bazzar chain of hypermarkets.

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However, a spokesperson for Wal-Mart Stores downplayed the report. Citing Indian restrictions governing foreign direct investment in multi-brand retail channels, the spokesperson insisted that any such report was “speculative”.

Currently, Wal-Mart operates wholesale outlets in India through Bharti Wal-Mart Pvt. Ltd, a joint venture with Bharti Enterprises. However, Indian regulations prohibit the retailer from selling directly to the public.

Pantaloon Retail was not immediately available for comment.

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