India's Reliance Retail has finalised a deal to buy Gujarat-based Adani Retail.

According to sources cited by media reports, the two companies are expected to close the deal soon for between INR100 crore (US$22,2m) and 110 crore.

The alleged deal would give Reliance 54 new retail locations, including neighbourhood stores, supermarkets and hypermarkets, in nine Gujarat cities.

Reliance would also take on Adani's infrastructure and sourcing facilities.