New Delhi, May 8: According media reports Kishore Biyani-led Future Group is all set to sell a significant stake in his Future Retail to Amazon as the retail major wants to trim its debt levels.

Future Group is considering splitting the food business of Future Retail into a separate unit to make it compliant with the country’s foreign direct investment (FDI) rules.

Several news reports mentioned that most likely there is going to be an ownership change at Future Retail because Biyani allegedly defaulted on bank loans in March.

Future Group manages retail and fashion mega stores with supermarket chains such as Big Bazaar and Food Bazaar, and lifestyle stores such as Brand Factory and Central.

Last year, billionaire Jeff Bezos-controlled Amazon had acquired a 49 per cent stake in Biyani’s Future Coupons, which owns 7.3 per cent of Future Retail, with an option to buy the entire holding at a later stage.

If the deal materialises, this would be Biyani’s second deal with Amazon.