Kerala-based Kalyan Group is in talks with a number of private equity players to raise about $250 million (about Rs 1,500 crore), and if successful, this would be the largest PE funding in the retail space. The group, through its retail network Kalyan Jewellers, is india's largest jewellery retailer.

Major PE firms including KKR, TPG Capital Management and Temasek Holdings are in separate talks with the jewellery retailer, industry sources close to the development said.  They, however, added that the talks have been on for sometime, and there was no surety in it reachable a conclusive decision soon.

The sources declined to be identified as the discussions were in private domain.

"Yes, many PE firms have approached us, and some have even offered us good valuations. We have not taken a decision on whether we need to raise funds," said Kalyan Jewellers’ Executive Director Ramesh Kalyanaraman.

"We are not accepting any of the offers, not because of the valuations, but as the management is yet to take a decision on the fund raising," Kalyanaraman added.

Kalyan Jewellers is on a mega expansion plan, with it looking to set up shop in Delhi, opening three showrooms next month, and closing this financial year with 61 showrooms.

In FY15, it intends to set up 19 showrooms – nine abroad and 10 in India – with a ₹1,000-crore investment, Kalyanaraman said in an earlier interaction with Business Line.

The unlisted company expects to close this year with a ₹9,400-crore turnover, and ₹15,000 crore next year.

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