Schneider Electric considers buying remaining stake in India unit, Bloomberg News reports

French industrial tech firm Schneider Electric SU is in talks to buy the remaining 35% stake in its India unit from minority partner Temasek Holdings, Bloomberg News reported on Wednesday.

The deal, which is worth $1 billion, values Schneider Electric India Pvt at roughly $5 billion including debt, Bloomberg News reported, citing people familiar with the matter.

Indian infrastructure major L&T LT divested its stake in its electrical and automation business in 2018, resulting in Schneider Electric owning a 65% stake in the Indian firm and Temasek owning the rest.

Schneider Electric and Temasek declined to comment on Bloomberg News' request.

The French company did not immediately respond to a Reuters' request, while Temasek declined to comment.