Schneider Electric is in talks to buy out Temasek Holding's stake in an Indian joint venture.

Bloomberg reports that Schneider is considering acquiring the 35 percent stake held by the Singapore state investment company for around $1 billion.

For at least a year, Temasek has looked to cash out on its stake, potentially by selling to Schneider or another company, or even taking the stake public.

The joint venture was formed in 2020, when Schneider merged its local low voltage and industrial automation product unit with Larsen & Toubro Ltd.’s electrical and automation operations.

At the time, the French power and cooling company said that the deal would make India its third-largest country in terms of revenue.

Schneider sells to a number of sectors, including residential and offices, but data centers remain a significant business segment - accounting for around a fifth of total revenues.

This April, Schneider's CFO Hilary Maxson said that the company "continued to see strong double-digit demand" for data centers, and pointed to India as a rapidly growing market.