U.S. private equity firm Blackstone Group and Singaporean sovereign wealth fund GIC may have to share an equal ownership of DLF Ltd. promoters' 40% stake in DLF Cyber City Developers Ltd., The Economic Times of India reported, citing three people familiar with the development.

The two companies are believed to be in the lead for the stake sale, which could fetch approximately 120.00 billion Indian rupees for the promoters.

No formal proposal has been put forward to the company's board yet. However, a source said Blackstone and GIC would prefer to acquire the 40% interest as a whole, according to the Dec. 14 report.

In July, DLF was reported to have included Blackstone and GIC on its short list of six companies vying for the stake in its rental arm. The Indian property group has prior working relationships with these offshore companies, including a joint venture with Blackstone for seven residential projects in several cities and a partnership with GIC for two projects in central Delhi.

As of Dec. 13, US$1 was equivalent to 67.56 Indian rupees.