Mobile payments company Paytm is looking to acquire Alibaba-owned UCWeb’s India operations in a deal valued at $400-$500 million (about Rs 2,944 to Rs 3,680 crore), The Economic Times reported.

UCWeb’s UC Browser has emerged as the largest mobile browser with 130 million monthly active users and accounts for 51 percent of the market in India, the report said, adding that it beat Google Chrome last year in the country.

Over the past few weeks, top executives of both the companies have been in talks about a possible takeover, the report said citing unidentified sources.

Paytm’s chief financial officer Madhur Deora is leading the talks for the company, the report said.

An email sent by the newspaper to a Paytm spokesperson on the matter did not elicit a response. A spokesperson of Alibaba in India told The Economic Times that it doesn't comment on market speculations.

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