Indian financial services company Aditya Birla Capital is considering a sale of its insurance brokerage business, Bloomberg reported, citing sources

The sale is part of billionaire Kumar Mangalam Birla-backed firm’s efforts to restructure its financial services operations.

Aditya Birla Capital has held talks with potential buyers for the sale of Aditya Birla Insurance Brokers after failing to scale up the insurance business, the sources said.

The business up for sale is one of the country’s leading composite insurers, which offers both life and non-life insurance policies. 

Aditya Birla Capital CEO Vishakha Mulye is restructuring the company’s businesses to boost shareholder returns.

Aditya Birla Group’s financial services activities are housed under Aditya Birla Capital, which operates in areas ranging from asset management to mortgage financing. 

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The firm plans to wrap up the transaction by 31 March 2022, the sources said, adding that a final decision regarding that the valuation is yet to be reached and there is no certainty that a deal will materialise. 

Aditya Birla Insurance Brokers specialises in providing integrated insurance broking and advisory services to both companies and individuals, according to its website

Additionally, it provides re-insurance solutions to insurance firms and has ties with both Indian and foreign insurers active in South Asia, the Middle East, and South-East Asia.

With a team of over 350 people, the firm operates across 11 locations in India. 

As of 31 March 2021, the insurance broker reported revenue of INR5.9bn ($72m) and a premium of roughly INR48.52bn ($587m).