Indian steel magnate Lakshmi Mittal and his family members are reportedly in talks with GMR Group to buy a significant stake in its Indian Premier League (IPL) team Delhi Daredevils.

Lakshmi Mittal is the chief executive officer of ArcelorMittal. ArcelorMittal is the world's leading integrated steel and mining company and is based in London, its website said. Meanwhile, GMR Group is an infrastructure company headquartered in Bangalore.

According to Economic Times, GMR is seeking a valuation of $150 million to $200 million for the deal. 

The Board of Control for Cricket in India (BCCI) said that GMR's Kiran Kumar Grandhi was recently in London to meet with the Mittals and Amit Bhatia. Bhatia manages Mittal's investments in sports, the report said. A source told Economic Times that GMR is willing to sell up to a 49% stake in the team. However, the group wants to retain a controlling stake in the Delhi Daredevils. How much stake the Mittals would eventually buy remains unclear, the report stated.

The report said GMR bought the IPL team for $84 million in an auction held by BCCI in 2008. The group has been looking to sell a part of the team for more than a year.

GMR is restructuring its existing business portfolio to pare its debt. Based on Credit Suisse estimates, GMR ranks among the most indebted business groups in India, Economic Times said.