NEW YORK (TheStreet) -- ICICI Bank (IBN) shares closed trading flat at $10.47 on Monday afternoon, as the bank engages in advanced talks to buy Avantha Power & Infrastructure's electricity project, according to Bloomberg.

ICICI's private-equity unit, in conjunction with India's Tata Power, is holding discussions to acquire Avantha's Jhabua Power unit with the deal expected to close within the next month, according to Bloomberg's sources.

The purchase could value the unit at about 45 billion rupees ($709 million).

Two other Indian companies are also engaged in talks to purchase Jhabua, but Bloomberg's sources say Avantha's discussion with ICICI are in more advanced stages.

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