Singapore’s Temasek-backed Sembcorp Industries has started talks over an initial public offering of its India unit in Mumbai and appointed three investment banks, including Citi and HSBC, three sources familiar with the matter said.

Talks are at an early stage and no decision has been made on the size of the offering. The move marks Sembcorp’s second attempt to list its India business after withdrawing a draft prospectus in January 2019 to inject new equity.

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