Brookfield Asset Management Inc. is deep in talks to inject 8.00 billion Indian rupees into a residential portfolio owned by developer Total Environment Building System in Bengaluru, India, according to a report by The Economic Times (India).

The portfolio of middle-income and luxury residential developments spans more than 3 million square feet of space.

The Canadian asset manager's investment will consist of a "structured debt transaction with an equity kicker," the Aug. 10 report noted, citing two sources with knowledge of the matter. One of the sources added that the talks were at an "advanced stage" and an agreement is expected to be signed within the next fortnight.

The same source also revealed to the publication that Total will use the capital invested by Brookfield to settle certain debt that it and its special purpose vehicles involved in the portfolio development hold.

As of Aug. 9, US$1 was equivalent to 63.86 Indian rupees.