Workspace provider WeWork is looking to buy back stake in its India business, reported The Times of India, citing people familiar with the matter who told the paper that the firm is holding talks to own 51 percent stake in the country's operations.

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The India business is currently handled by billionaire property developer Jitu Virwani of Embassy Group through a licensing deal which ends in 2021. The sources told the paper that WeWork wants to take back control well before the deal ends.

According to the sources, both sides are expected to meet this month to discuss a potential $1-billion deal.

“WeWork’s exponential growth across three major cities in the last 18 months has proven that they are still scratching the surface. There are only a few quality players like Cowrks and Awfis who can really give them any competition. It is less crowded on the top,” JLL India executive managing director Juggy Marwaha was quoted as saying in the report.

The development comes after international media reports claimed that WeWork’s main shareholder SoftBank was shrinking a massive $16-billion fresh commitment to just $2 billion, said the report.