Private equity group Warburg Pincus LLC signed a definitive purchase deal for an 80% stake in education-focused Avanse Financial Services Ltd. from India's Wadhawan Global Capital group for an undisclosed amount, Deal Street Asia reported, citing a statement from the buyer.

Warburg Pincus will inject 3.00 billion Indian rupees of primary equity capital into Avanse to fund the nonbanking finance company's future growth, the March 17 report added.

According to an earlier report, Indian financial services company Centrum Capital Ltd. was also in talks for the stake acquisition.

Avanse was established in 2013 and holds more than 29.00 billion rupees of AUM.

Ernst & Young acted as a financial adviser for the transaction, the publication added.

As of March 15, US$1 was equivalent to 68.99 Indian rupees.