Insurance Australia Group (IAG) is in talks to sell its 26 percent stake in SBI General Insurance Company (SBIG), according to the Economic Times.

Six private equity funds are interested in acquiring the SBI stake. According to the report, Premji Invest, Carlyle, ChrysCapital, and GIC of Singapore, are among those in the shortlist for picking up a 26% stake in SBI General Insurance.

Carlyle and GIC of Singapore are reportedly in the process of buying a 10 percent stake in SBI Life Insurance.

Insurance Australia Group’s stake in SBI General Insurance is estimated to be worth about Rs30 billion ($433.2 million).

The Australian insurer has already started preliminary talks with an investment bank regarding the potential sale. According to the Economic Times, the investment bank handling the deal is Goldman Sachs.

Australia’s second-largest insurer by market value is most likely to sell its stake in the insurance company in tranches.

The Mint reported that the IAG’s plan to sell its stake in SBI General Insurance comes after SBI sold 4 percent of its stake in the insurance company. In September 2018, SBI sold 4 percent of its stake in the insurance company to Axis New Opportunities Fund (Axis AMC) and PI Opportunities (Premji).

Insurance Australia Group has already exited Asian countries such as Indonesia, Thailand, and Vietnam. The insurer is currently planning to focus on its businesses in Australia and New Zealand.

Formed in 2010 as a joint venture by State Bank of India and Insurance Australia Group, SBI General Insurance sells motor, health, travel and home insurance. The stake sale by Insurance Australia Group will value SBI General at Rs12,000 crore.