L&T Finance, the Indian financial services firm, is in advanced talks to acquire the Indian wealth management business of Morgan Stanley, Business Standard reports.

Citing an anonymous source, the news service said that the proposed acquisition will likely be completed in a month. It adds that the move will likely be aligned with plans to grow the firm's wealth management business in the country a year after several executives from Swiss private bank EFG joined. EFG closed its India operations in 2012.

"We are not commenting on rumours and speculation," a spokesperson forL&T Finance told WealthBriefing Asia.

Morgan Stanley's wealth business reportedly has some $1 billion in assets under management and employs around 400 staff in India alone. In November 2012, Reuters reported that the US bank has plans to sell its private wealth management operations in the country.