Metro Cash & Carry is looking at raising $300-400 million from a strategic investor after its German parent Metro AG declined to infuse fresh funds for its expansion in India.

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The company is willing to offer control and has asked merchant bankers JP Morgan and Goldman Sachs to identify prospective investors, though no detailed negotiations have started with anyone for the $2 billion valuations it expects, sources said. These bankers have been looking for investors since January when the Indian operations finalized their cash requirement for expansion and taking on the competition.