Minsait, which represents approximately half of Indra's business, would be valued at between 1.6 billion and 1.8 billion euros (between $1.72 billion and $1.94 billion), according to El Confidencial, which added that Bain would bid for at least a 49% stake.
Indra CEO Marc Murtra said recently that the company was considering all options regarding Minsait to raise cash to fund its growth, El Confidencial said.
A spokesman for Bain declined to comment. Cinven and Indra did not respond to requests for comment.
Indra's main shareholder is Sociedad Estatal de Participaciones Industriales (SEPI), with a 25.2% stake, according to LSEG data.
Indra's strategic relevance has increased since the Russian invasion of Ukraine, since Spain has committed itself to increase its defense spending as required by NATO in the coming years.
(1 U.S. dollar = 0.9282 euros)
(Report by Inti Landauro and Jakub Olesiuk; edited in Spanish by Benjamín Mejías Valencia)