Manipal Hospitals and TPG Capital LP are in talks to acquire Columbia Asia's Indian hospital assets, The Economic Times (India) reported, citing people with knowledge of the matter.

The consortium is discussing acquiring the assets in a 20 billion-Indian rupee deal. The transaction is expected to be concluded by the end of the fiscal year, The Economic Times reported, citing one of the people.

Morgan Stanley is in charge of the sales process to find a buyer for the assets. BRS Ventures Investment Ltd, KIMS Hospital Hyderabad, and buyout firms Blackstone and Bain Capital are among the other bidders for the hospital assets.

In response, Columbia Asia said it is evaluating a stake sale and is also considering all options including a 100% sale of the company to investors, The Economic Times reported, citing an email from the company. The company also confirmed that it has retained Morgan Stanley.

TPG Capital was part of the consortium, which previously bought the rest of the Asia operations of Seattle-based Columbia Asia — excluding the India assets — for $1.2 billion.

As of Jan. 8, US$1 was equivalent to 71.51 Indian rupees.