Japanese firm Mitsui is in talks with Kishore Biyani’s Future Group as it explores opportunities to invest in a company that will supply fresh food to its upcoming food and grocery retailing vertical, 7-Eleven stores, reported The Economic Times.

"Mitsui is exploring possibilities of investing in a venture with Future Group either though an existing company or in a separate venture … They are working on a similar business of fresh food supplies for 7-Eleven, FoodHall, Big Bazaar as well as other quick-service restaurants,” one person aware of the development was quoted as saying in the report.

The development comes as India’s food and grocery market undergoes rapid growth. According to an Axis Capital report, the share of organized retailers in India's $580 billion food and grocery market is expected to grow from the present $25 billion to $69 billion by 2024.

While the Tokyo based group has its business spread over various sectors, the new talks are linked to its wholesale food company, Mitsui Foods Co, said the report. Mitsui Foods Co is a supplier of packaged foods, dairy products, livestock items, rice and cereals, ice-cream, instant foods and beverages, among other products.

Biyani has started a company called Galaxy Cloud Kitchen, which will deliver meals to customers’ doorsteps for Rs 40, added The Economic Times report. The Tokyo-based firm will either invest in Galaxy Cloud Kitchen or in a separate venture altogether.