New York-based KKR & Co. is looking to purchase portfolios from Indian nonbanking finance companies as it believes current market conditions in the country offer attractive opportunities, Bloomberg News reported Oct. 12, citing Sanjay Nayar, CEO of KKR India.

KKR's two Indian credit units could spend up to a total of 20 billion rupees to buy such portfolios, Nayar said.

The private equity firm also looks to acquire Indian nonbank lenders and their employee teams and searches for targets that could help expand its lending in areas, such as small and midsize enterprises, people with knowledge of the matter told the news outlet.

A representative for KKR declined to comment, Bloomberg said.

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