Citigroup's private equity firm, Citi Venture Capital International, was negotiating with India's Sansera Engineering. Citi Venture Capital International would like to purchase the said company for INR3.4 billion equivalent to US$56 million. Two people familiar with the talks shared the information.

Sansera, which was headquartered in Bangalore, manufactured engineering components for the industry of automobile. Some of its clients were General Motors, Harley-Davidson Inc., Honda Motor Co. and Suzuki Co Ltd.

"We are in advance talks and an announcement could be made very soon," one of the informants told Reuters. The sources refused to be identified because they were not allowed to disclose information to the media.

A representative from Citi declined to give a remark while Sansera's spokesperson was not available to give a comment.

If the agreement  was already signed, CVCI would record a second key investment in India within a year. CVCI capitalized US$138 million to Cox & King's British business, a tour operator.