Germany's Metro AG (XTRA:B4B) is exploring strategic options for its Indian unit and is in advanced discussions over a deal, a group spokesperson said, with analysts reckoning that the division could be valued at EUR 500 million($490 million) in a sale. Indian retailer Reliance (RELI.NS) is well-positioned to buy the business, two people familiar with the matter said, adding a deal could happen before the end of the year but that no final decision has been made. "As a policy, we do not comment on media speculation and rumours," a Reliance spokesperson said.

"Our company evaluates various opportunities on an ongoing basis".