Abu Dhabi Investment Authority (ADIA) is in discussion to acquire a minority stake in Aditya Birla Health Insurance (ABHI), the health insurance arm of Indian conglomerate Aditya Birla Group, reported the Economic Times.

ADIA, which is Abu Dhabi’s sovereign wealth fund, is planning to invest between 150m (INR12bn) to 187m (INR15bn) in the health insurance firm in the form of growth equity.

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The talks are expected to gather pace in the coming weeks, the people with knowledge of the development told the publication.

The companies are yet to finalise the amount and quantum of stake, they added.

Spokespersons of ADIA and Aditya Birla Group did not comment on the news.

ABHI is joint venture (JV) between Aditya Birla Group and South Africa-based MMI Holdings. The firm was incorporated as a standalone health insurance firm in 2015 and started its operation in October 2016.

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The firm is said to have branches, partner offices and 51,000 agents across more than 2,800 cities. It also has partnerships with 11 banks in over 16,000 locations.

According to data from the Insurance Regulatory and Development Authority of India (IRDAI), ABHI have 14% the market share of the gross underwritten premium in the first three months of the ongoing fiscal year.

The news comes as ADIA seeks to bolster its presence in India.

Last month, the fund acquired a IIFL’s home finance arm with a 20% minority stake

Last year, it was reported that ADIA was pursuing discussions with The Hinduja Group to purchase AXA’s 49% holding in Bharti AXA Life Insurance.