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The German lender is considering keeping the operations after former Chief Executive Officer John Cryan stepped down this month.
The move would overturn a decision the lenders made last month to support an offer from a rival consortium that includes Dalmia Bharat, and a Bain Capital-backed fund.
The process could be delayed as UltraTech, India’s biggest cement maker, has approached the NCLT with complaints on how the Binani sale process was run.
At stake is an Indian digital payments market that Credit Suisse Group AG estimates could be worth $1 trillion within five years.
Blackstone recorded an annualized internal rate of return of about 30% on its India PE investments since 2011, the highest among its markets worldwide.
HDFC Bank plans to raise the bulk of the funds from international investors through a sale of ADRs, with the rest to come from selling stock in India.
Funds raised from the sale will be used to bolster the lender’s capital adequacy ratio.
State Bank of India is among the biggest Essar Steel creditors.
Advisers evaluating the offer have expressed concerns about the eligibility of the offers from both ArcelorMittal and the VTB consortium.
The Bain Capital-backed Dalmia Bharat consortium made a final offer of more than 63 billion rupees ($981 million) for Binani Cement.