Private equity group Eight Capital Management LLC partnered with Emso Asset Management Ltd. to buy Ambit Capital Pvt. Ltd.'s stake in private investment firm Ambit Flowers Asset Reconstruction Co.

India's Livemint also reported on the deal May 30, adding that Ambit Capital held a 47.5% stake in the business.

The new owners are renaming the investment firm to J.C. Flowers Asset Reconstruction Co. upon completion of the deal, according to a release. The business will be managed by Eight Capital's Mumbai team, and it will purchase non-performing loans from Indian Banks in target companies that have the potential to be turned around through balance sheet restructuring and new capital.

J.C. Flowers & Co., which launched the company with Ambit Capital in 2016, will become the largest shareholder after the deal's completion.