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The Hinduja Group and Abu Dhabi Investment Authority (ADIA) are reportedly said to be in negotiations to purchase AXA’s 49% holding in Bharti AXA Life Insurance.

The stake is valued at nearly $1 billion, reported The Economic Times citing a person familiar with the matter.

The remaining stake in the life insurance JV of AXA and Bharti Enterprises is owned by Sunil Mittal-led Bharti group.

Due diligence is expected to be completed by early next year, stated the report.

Brokerage Jefferies is expected to serve as an adviser on the deal.

“The Hindujas and ADIA have been in talks with AXA to acquire its stake in the Bharti AXA Life Insurance JV, but there is no firm decision yet as negotiations are still around valuations,” a person with knowledge of the issue was quoted as saying by the publication.

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The move comes as Hinduja Group eyes expansion of insurance services. Through IndusInd Bank, the banking-to-auto conglomerate has entered into bancassurance partnerships with many life insurers.

“They were keen to tie up with a marquee player like ADIA and co-invest in this opportunity. One of the group entities of the Hinduja Group will be used as the investment vehicle,” a person privy to the issue was quoted as saying by Money Control.

Meanwhile, ADIA too has already been an anchor investor in the IPOs of several insurance players. These include SBI Life Insurance, PolicyBazaar, ICICI Lombard as well as Star Health Insurance.

Bharti AXA Life Insurance operates in India through its 254 offices.

Last year, ICICI Lombard struck a deal to buy Bharti AXA General Insurance.