The AIG Investments sale story has taken on a fresh twist. India-based Religare is now the front-runner to acquire the business, FinancialNews reported on Monday.

As recently as Monday last week, Reuters reported that New York City-based private equity firm Crestview Partners was near a deal to buy AIG's asset management business for $300 million to $400 million.

According to the FinancialNews article, Religare is being advised by Jefferies and has negotiated an option to join forces with Australian investment bank Macquarie Group, but some industry sources told the pub that Religare may bid by itself.

Macquarie is also reportedly the leading bidder for Delaware Investments.

Religare, according to the FinancialNews report, rekindled its interest in the AIG business after Franklin Templeton in mid-July walked away from negotiations with AIG. Franklin was part of a bidding group that included Crestview Partners and Richard Li.

Religare's name first cropped up as a possible bidder for the AIG business in May. 

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