India is expected to greenlight an investment of approximately $370 million from Horse Powertrain, Bloomberg News reported Thursday, citing insiders.

The potential agreement would enable the Geely Automobile-backed (HKG:0175) hybrid-engine venture to invest in the Indian manufacturing operations of its other major shareholder, French automobile maker Renault. The investment includes the construction of domestic advanced hybrid powertrains and engines, the sources told the media outlet.

Renault is expected to kick off a Horse-powered Duster sport utility vehicle in the country later in the year, the report said.

Horse, Geely and India's commerce department did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)