Carlyle is competing with healthcare group Sanofi’s Indian unit, which is in separate talks to buy the division, said Reuters, citing three sources with knowledge of the matter.
A deal could be sealed as soon as next month, said one of the sources.
Earlier this month Elder approved restructuring of the business by either raising capital or selling assets to reduce its debt pile.
Earlier this year Carlyle revealed plans to raise a fund targeting Indian businesses and launch a non banking financial company.
The fund is expected to target the retail, defence and insurance that don’t get much attention from foreign investors, said the Economic Times.
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