(Bloomberg) -- German car-parts maker Mahle GmbH is considering an initial public offering of its Indian business, people familiar with the matter said, joining other foreign firms in seeking to list their units in the nation’s buoyant markets.

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Mahle is holding early talks with potential advisers about a share sale in Mumbai, according to the people, who asked not to be identified because the information isn’t public. Mahle is still deciding which of its operations to include in a listing, they said.

The IPO could potentially raise as much as $400 million and Mahle may target a valuation of around $1 billion for the unit, one of the people said. Deliberations are at an early stage, and details of the potential offering could change, the people said.

A representative for Stuttgart-based Mahle said the company regularly reviews its portfolio and sees India as a very interesting market, declining to comment further.

India has been one of the world’s top markets for listings — its equity indexes are on track for a ninth-straight year of gains, and rich valuations are prompting international companies to consider IPOs of their Indian businesses.

South Korea’s Hyundai Motor Co.’s Indian business raised $3.3 billion in October in the country’s biggest IPO ever. Others considering similar moves include LG Electronics Inc. and Norway’s Orkla ASA, Bloomberg News has reported.

--With assistance from Eyk Henning and Ravil Shirodkar.

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