Fairfax Financial in Canada and Singapore's Changi Airport are reportedly in preliminary talks to acquire a minority stake in Indian firm GMR's airport business.
The companies would pay around Rs32bn ($479.3m) for a 30% stake in GMR Airports, according to media sources.
The deal is in line with GMR Group's strategy to raise at least $1bn over the next two years to cut debt and repay investors in its airports business, as reported by Reuters.
The new funding from different sources will finance GMR's future growth plans such as entering into renewables business, or expanding existing energy business.
GMR CFO Madhu Terdal was cited by Reuters as saying that GMR has held preliminary talks with investors about selling stakes in its airports and energy businesses.
Additionally, The Economic Times reported citing multiple sources that KKR and Apollo Global Management are in the row to invest in the airport business.
Credit Suisse has been appointed by GMR to run a formal fund-raising process.
GMR Airports, which is currently valued at around Rs100bn ($1.49bn), is geared up to sell up to 49% stake in airports business to a strategic investor or multiple financial sponsors.
The Indian infrastructure company owns a 54% stake in Delhi International Airport and 63% in GMR Hyderabad International Airport.
It also owns a 40% in the $670m Mactan-Cebu International Airport modernisation project in the Philippines.