Reuters reported on Tuesday that private equity firm Fajr is in exclusive talks to buy a majority stake in Aster’s Gulf business, citing two sources with direct knowledge of the matter.

“The Company has engaged in discussions with various potential counterparties, including Fajr Capital. Such discussions continue to be ongoing,” Aster said in an exchange filing.

The United Arab Emirates-based healthcare services provider added that there was “no disclosable event” to date, and that it has made and will continue to make disclosures according to the Securities and Exchange Board of India’s regulations.

Dubai-based Fajr is in the final stages of due diligence and could close the deal soon, the sources said, adding Fajr has also put together a consortium of other investors.

Mumbai-listed Aster began a sales process at the end of last year to demerge the Gulf business, which it had perceived as undervalued by analysts and investors.

Aster runs 32 hospitals, 127 clinics and 521 pharmacies in India and the United Arab Emirates. The company is separately in talks to sell a 30% stake in its Indian business for about $300 million, Reuters reported in May.

Its revenue grew 16% to $1.46 billion in the fiscal year ended March 31, while its net profit stood at $51.36 million.