KKR & Co. is aiming for a possible IPO of most of its operations in India, excluding its private equity business, the Financial Times reported, citing four unnamed sources involved in the process.

The New York-based private equity giant has not yet finalized the timing of the potential Indian listing. KKR operates as a buyout company with two credit funds in India while using its own balance sheet for deals, which makes it challenging to assess the valuation of an IPO, the publication reported.

In India, KKR buys stakes and lends to domestic companies. According to the FT, the firm said it has provided $5.3 billion to corporate borrowers from its debt funds and more than $1 billion from its real estate nonbank finance company to local developers.

The planned IPO is the first time a foreign private equity firm has considered such a move, and it comes as capital costs are rising in India while the balance of payments and the rupee are weakening, according to the publication.