The debt ridden discount retailer, Vishal Retail Ltd has signed a nonbinding, non-exclusive agreement with private equity firm TPG Inc. In a statement to the BSE, Vishal Retail said that its board had approved the terms of agreement in line with a corporate debt restructuring (CDR) plan approved by its creditors. Without giving much details, RC Agrawal, founder and MD Vishal Retail said, “This is a non-exclusive and non-binding MoU for a period of two months.“ The deal with TPG or other investors will be closed within two-three months to raise funds to cut debt. The retail has a debt burden of Rs730cr owed to such lenders as SBI, HDFC Bank Ltd and ING Vysya Bank Ltd, with which it has entered the CDR scheme. The Delhi high court in mid- May barred the retailer from selling its assets for the next six months after hearing a winding-up petition filed by Singapore's DBS Bank Ltd to recover its dues. DBS Bank is not a part of the CDR plan. Vishal Retail had a loss of Rs414cr in the year ended 31st March after it wrote off inventory worth Rs342cr.