Oracle pursues $650 mln deal for i-flex stake - FT

SINGAPORE (Reuters) - Oracle Corp., the world's second-largest software maker, is in talks to buy Citigroup's controlling stake in Indian banking software firm i-flex solutions ltd, the Financial Times said.

The deal could be worth more than $650 million and would be one of the largest purchases in India this year, the paper reported on Wednesday, citing people close to the situation.

Oracle declined comment.

The FT said Citigroup's private equity arm had been looking to sell its 43.1 percent stake in i-flex, maker of the world's best-selling banking software, for several months.

"Citigroup has been shopping its stake round for some time now and Oracle appears to be the most determined buyer," the paper quoted an unnamed source as saying.

A sale of the stake would end a 20-year link between the U.S. financial services group and the Bombay-based firm, the FT said.

I-flex shares closed down more than 3 percent on Tuesday at 880.85 rupees, valuing the company at around 66 billion rupees ($1.52 billion).

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