Despite talks with e-commerce giant Amazon for a possible stake sale, Future Retail may keep its FMCG arm Future Consumer out of the ongoing negotiations, Business Standard reported, citing sources.

The development comes at a time when Amazon and Future Retail are said to be in the final stage of talks to sign a deal.

The American e-commerce giant is likely to buy up to 9.5 percent of the Biyani led firm, multiple sources close to the development had told CNBC-TV18.

The fast moving consumer goods (FMCG) arm which owns more than three dozen brands in 70 categories, turned Ebitda positive in FY17 and registered Rs 66.4 crore in Ebitda in FY18. Experts are of the opinion that the company will turn profitable in FY10 as well, the BS report said.

An agreement could be signed as early as December, the sources had told CNBC-TV18, asking not to be named. Amazon is also exploring options to buy a larger stake in Future Retail at a later point, they said.