The deal for the 35-year-old business is expected to be announced in the next few weeks according to Reuters, which cited two people with knowledge of the matter.
KKR’s buyout marks its biggest investment in the country since its $500m purchase of a controlling stake in Alliance Tire Group from Warburg Pincus in April.
That was India’s largest private equity buyout since Bain Capital picked up a 30 per cent stake in business process outsourcing company Genpact for $1bn in August 2012.
KKR closed a $6bn Asia buyout fund in July.
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