News: AV Birla group eyes Piramyd Retail

(RTR 11/05/2007) Mumbai - India's Aditya Birla group is eyeing Mumbai-based Piramyd Retail Ltd., the Economic Times newspaper said on Friday.

The group is expected to buy Piramyd through its unlisted retail arm Aditya Birla Retail, the newspaper said quoting sources.

Piramyd executive vice-chairman Nandan Piramal denied the possibility of a takeover while a Birla group source said negotiations were at a "very close stage", the report said.

Company officials could not be reached for comment.

Piramyd had faced strong competition from Shopper's Stop and Pantaloon but the brand had slipped in the last two years, the newspaper said.

"We have realised that there is a lot of catching-up to do and are in a hurry to do that ...Our team is in place and the growth focus is clear," the report quoted Piramal as saying.

Earlier this year, the AV Birla group bought regional supermarket chain Trinethra.