Indian Prime Minister Narendra Modi will leave for Brazil Sunday to attend the BRICS Summit, sources said Saturday.

Modi will be accompanied by Minister of State for Finance Nirmala Sitharaman, National Security Adviser A.K. Doval, Foreign Secretary Sujatha Singh and Finance Secretary Arvind Mayaram, the sources said.

The BRICS Summit will be held in the Brazilian coastal city of Fortaleza from Monday to Tuesday.

"This summit is expected to formalize the setting up of a development bank among others including seeking reforms of the United Nations and international financial organizations. Modi will spearhead the discussions," the sources said.

BRICS is a group of five nations including Brazil, Russia, India, China and South Africa.

Modi may meet German Chancellor Angela Merkel on his way home as he is expected to take a stopover in Frankfurt, the sources added.