Shareholders of Snapdeal will now have to approve the deal, the sources told Reuters, declining to be named as the discussions are not public.
The solar-to-tech conglomerate is seeking to secure a piece of India’s industry leaders in everything from payment systems to online shopping and groceries.
The move comes days after N. Chandrasekaran took over as the chairman of Tata Sons following the ouster of Cyrus Mistry late last year.
The company, however, has not finalised a deal or memorandum of understanding with the Karnataka government, a source familiar with the matter claims.
A delegation of Indian IT industry body Nasscom will be visiting Washington in the last week of February to lobby against changes to visa regulations that could hurt the country’s $150 billion industry.