India's MphasiS Ltd. (526299.BY) said Wednesday it has agreed to buy AIG Systems Solutions Pvt. Ltd., the software-services unit of insurance company American International Group Inc. (AIG).

Bangalore-based MphasiS didn't give any financial terms in a statement to stock exchanges.

The acquisition will help MphasiS augment its capabilities in the insurance industry, the company said in the statement.

-By Dhanya Ann Thoppil, Dow Jones Newswires; +91-9886929464; dhanya.thoppil@dowjones.com