Industry reports have suggested that Sony Entertainment Television Asia in India (Multi Screen Media) is close to selling a 32% stake to Indian businessman Bhupendra Kumar Modi’s MCorp. Global for $320 million.

Online portal Exchange4Media, reported that MCorp. Global – whose interests include Spice Telecom and planned forays in entertainment – has bought out the 32% stake in MSM held by five SET India founding promoters including Bollywood actor Jackie Shroff and Mumbai-based home video company Shemaroo Entertainment MD Raman Maroo who were looking to offload their shareholding timed with a probable IPO by SET. While SET has still not gone public, observers feel that MCorp’s buyout could be the exit route the promoters were looking for.

Reportedly, following MCorp’s acquisition, SET India’s shareholding would now see parent Sony Corp. continue to own 60% along with U.S.-based Capital International owning 8%, with the balance 32% owned by MCorp. Global.

Sony Entertainment Television Asia refused to comment.