Japanese tech giant SoftBank Group Corp., Singaporean sovereign wealth fund Temasek Holdings (Pte.) Ltd. and a private equity fund managed by U.S.-based Morgan Stanley, are in talks to acquire a 33% stake in India-based Fino Payments Bank, The Economic Times reported March 26.

The proposed transaction will include acquiring a 26% stake owned by Blackstone Group LP in the payments bank and purchasing a 7% holding via a primary issue of shares.

Blackstone has reportedly hired Credit Suisse to find a buyer for its stake in the payments bank, as the New York-based asset manager is looking to gain a fourfold return in its investment, the news outlet said, citing "people with knowledge of the matter."

The U.S. company is expected to earn 5.2 billion to 6.5 billion rupees if Fino Payments Bank shares are sold at a company valuation of 20 billion to 25 billion rupees.

The deal talks are in the early stages and may take a while to mature, said one of the sources.

Blackstone declined to comment on the report, while emails sent to SoftBank Group, Temasek, Morgan Stanley and Fino Payments Bank remained unanswered at the time of publication, the report said.

As of March 26, US$1 was equivalent to 64.75 Indian rupees.