U.S.-based private equity funds, including Carlyle Group LP, Warburg Pincus LLC, Goldman Sachs Group Inc. and Morgan Stanley, are looking to buy a significant minority stake in India-based Ess Kay Fincorp Ltd., The Economic Times reported Aug. 13, citing two people aware of the development.
The funds could inject between US$60 million and US$70 million in the nonbanking financial company, which is already backed by Norwest Venture and Baring PE India, among others.
Malaysia-based private equity firm Creador and ChrysCapital Advisors in India have also expressed interest in acquiring a stake in the company.
Ess Kay Fincorp provides vehicle financing and small and medium enterprise financing in rural India. It owns a network of 226 branches.
Goldman Sachs, Carlyle, ChrysCapital, Creador and Morgan Stanley declined to comment on the report, while Ess Kay and Warburg Pincus did not return queries sent by the publication.