The sticking point could be the quantum of stake the promoter wants to retain in Zee. Essel Group holds a 41.62% stake in Zee, of which more than half is pledged with lenders.
Larsen and Toubro (L&T), which has been in talks to buy Cafe Coffee Day founder VG Siddhartha’s stake in Mindtree Ltd, is set to sign a binding agreement to close the deal.
While Blackstone Group is actively looking for assets under its Comstar platform, its peers Warburg Pincus is exploring similar deals.
The investment was made through BAC Acquisitions, the holding company Bansal started with investment banker Ankit Agarwal, and follows his investment in ride-hailing firm Ola.
India will remain among the top five markets globally for the world’s largest PE and alternative assets manager, said its president and COO Jonathan Gray.
The stake is expected to be valued at at least $200 million, given that Mu Sigma entered the coveted unicorn club when Mastercard invested $45 million in February 2013.
TPG Capital and Manipal Group are currently said to be conducting due diligence on hospital operator Medanta.
KKR has been one of the early funds to start developing private high-yield and structured credit investing in India.
Xander invests primarily in companies in infrastructure, hospitality, entertainment, retail and real estate sectors. It manages equity capital in excess of $2 billion.
IAG, which holds 26% in the general insurer, has started preliminary talks to hire an investment bank to manage the sale process.