The Comcraft Group and Argyle Street Management Limited, owners of Comstar Automotive Technologies Private Limited are in advanced talks with Mitsubishi Corporation (TSE:8058) to sell the business which is valued at INR 4 billion to 4.5 billion. Comcraft Group and Argyle Street Management are looking to exit their equal stakes in Comstar, three people with direct knowledge of the development said. "Mitsubishi Group is leading the race and talks are currently on over valuations," one of the persons, an investment banker, said.

The owners have mandated local investment bank Kotak Mahindra Capital Company to scout for buyers for Comstar. Sat Mohan Gupta, Director and Chief Financial Officer of Comstar Automotive Technologies could not be reached for comment and a spokesperson of Mitsubishi did not respond to Economic Times.