TPG is nearing a deal to acquire a 30% stake in India-based specialty finance company Ess Kay Fincorp Ltd., The Economic Times of India reported, citing unnamed sources.

The private equity giant offered to buy the stake for 3.50 billion rupees, topping other bidders. The bid values the target company at 11.50 billion rupees, and TPG is now in advanced negotiations to secure the deal, one source told the publication.

TPG is looking to fund the acquisition with its growth fund, according to the report.

The publication reported earlier that Carlyle Group LP, Warburg Pincus LLC, Goldman Sachs Group Inc. and Morgan Stanley were targeting a substantial minority stake in Ess Kay.

As of Oct. 12, US$1 was equivalent to about 73.59 rupees.