Two of the country's top software exporters - Tata Consultancy Services BSE 0.82 % and HCL Technologies BSE 0.03 % - are in discussions with KBC Group to buy the India-based offshore information technology arm of the Belgian banking firm, according to people familiar with the talks.

KBC, which received a bailout during the 2008-09 financial crisis, had recently said it would overhaul its business model, and exit sectors and markets that are not core to its growth. Besides Belgium, the Brussels-based company has a strong presence in Central and Eastern Europe. It hopes to increase cash flows and repay government aid by selling some of its assets.

The deal for its Chennai-based offshore operations, under its wholly-owned unit Valuesource Technologies, could be worth $25 million (about 135 crore) with a revenue commitment for five-seven years from KBC.

"The final value of the deal would also depend on the business commitment the bank is able to offer. The due diligence process is currently on," said a person with direct knowledge of the development on condition of anonymity.

He said Valuesource has 300 employees and does application development and maintenance work, the staple of most Indian IT firms, and business process outsourcing work such as credit processing.

"KBC has evaluated a number of options and has decided to look for a strategic partner for Valuesource, active on the Indian offshore ICT market," the company had said in a statement in September. "In addition, KBC will agree with this partner to continue using ValueSource's services." Both HCL and TCSBSE 0.82 % declined to comment.