UK media group Pearson was believed to have held preliminary discussions over a deal in July.
Standard Chartered Bank is acting as an advisor for Manipal Global according to a report by DealCurry.
It said the business raised $110m in debt from SCB in June to refinance loans and back expansion.
Manipal is attempting to raise debt and equity to buy back stakes owned by existing investors IDFC and Capital International, a deal which could value the company at more than $850m.
Volatile market conditions forced the company to scrap its planned IPO earlier this year, in which it hoped to raise around $150m.
Manipal runs university campuses across the world including the American University of Antigua, Manipal University Dubia and the Melaka Medical College in Malaysia.
It also performs business skills training and examinations, in addition to running online learning programmes.
Copyright © 2012 AltAssets