Battery maker Exide Industries is reportedly seeking to buy out ING’s 26% stake in its Indian life insurance business.

NDTV reported that Exide has submitted its proposal to India’s Insurance Regulator and Development Authority (IRDA).

Headquartered in Bangalore, ING Life Insurance India is 50% owned by Exide Industries, 26% by ING Insurance International B.V. and 24%by other Indian shareholders.

ING declined to comment on the story. However, it did not deny what it defines as market rumours and admitted the company has recently undertaken divestment and investment activities in Asia.