Mu Sigma, a data analytics company, is in talks with TPG Capital for a large stake sale, Times of India reported.

The discussions may result in a sale of the $1.2 billion venture, sources told TOI.

According to sources, the ongoing talks may not lead to a definitive deal and a complete exit for present shareholders is not being ruled out.

The report said that TPG was keen to get on board but the specifics of the deal were yet to be put in place. “TPG and Mu Sigma are trying to explore if a deal is workable. The discussions have been substantial but contours of the transaction are yet to evolve,” sources told the paper, adding that the two companies have not involved any investment banks yet.

Dhiraj Rajaram, founder of Mu Sigma, General Atlantic Partners and Sequoia Capital are the key shareholders of the data analytics company.