Samara Capital is leading the race to buy the insurance broking business of Aditya Birla CapitalLivemint reported, citing two sources aware of the discussions.

“Over the past few weeks, Samara Capital and Aditya Birla Capital (the promoter of Aditya Birla Insurance Brokers) have been negotiating the valuation. For Samara, entering the financial services business is a crucial part of its strategy,” one of the sources was quoted by the publication as saying.

As per the report, Samara Capital, which is Amazon’s Indian private equity partner, has also made an offer for the insurance broking unit.

The deal is estimated to be valued between INR8bn ($96.79m) and INR10bn ($121m) and if the negotiations are successful, it is likely to be one of the biggest deals in the country’s insurance broking sector, they added.

One of the sources stated that the talks are at an advanced stage and the firms could finalise and announce a deal in the next few days.

After completing due diligence, Samara Capital could complete the deal in three to four months.

Last week, Bloomberg reported that billionaire Kumar Mangalam Birla-backed firm is selling Aditya Birla Insurance Brokers to restructure its financial services operations.

According to its website, the business up for sale specialises in offering integrated insurance broking and advisory services to both companies and individuals.

With a team of over 350 people, the firm also offers re-insurance solutions to insurance firms and operates across 11 locations in the country.