The agreement involves purchase of close to 50 percent of RAC from U.S. private equity firm Carlyle Group LP (>> The Carlyle Group LP), which bought the company from Aviva Plc (>> Aviva plc) in 2011, Sky reported, citing people familiar with the matter.

Last year, Singapore's sovereign wealth fund, GIC Pte Ltd [GIC.UL], bought a undisclosed stake in RAC. The deal resulted in GIC and Carlyle jointly owning a majority stake in RAC, with the company's management holding the rest.

Representatives at CVC Capital Partners, Carlyle and RAC were not immediately available for comment.

(Reporting by Sneha Teresa Johny in Bengaluru; Editing by Lisa Shumaker)

Stocks treated in this article : Aviva plc, The Carlyle Group LP