Indian retail titan Reliance Retail is reportedly in late-stage talks with Hamleys to acquire the toy retailer.

Reliance Retail, which currently operates 50 Hamleys stores in India with another 150 set to open, is reportedly looking to buy the children’s toy retailer, according to Money Control.

The Indian retail group is understood to be pursuing acquisitions as part of its ambition to grow its business by 30% annually for the next 10 years.

Reliance Retail operates 9,907 stores across 6,400 Indian cities. The group’s retail licence partners include Marks & Spencer, Diesel, Steve Madden and Kenneth Cole.

A source close to the business told Money Control: “Due diligence for the [Hamleys] deal is at an advanced stage, Reliance Retail is aggressively pursuing the deal.”

Hamleys, which is owned by Chinese fashion powerhouse C.Banner International, has been seeking a buyer since October.

C.Banner bought the business for $130m (£99.9m) in 2015, but after struggling to make a profit is now reportedly looking to sell the business at loss of between $36m and $50m (£27.7m-£38.4m).

Hamleys declined to comment.