GIC, CPPIB may join hands with Bain to buy 10% in India’s Axis Bank for $2 billion

Photo: Bloomberg

Singapore’s sovereign wealth fund GIC Pte. Ltd and Canada Pension Plan Investment Board (CPPIB) are in talks to co-invest with private equity firm Bain Capital to acquire a 10% stake in Axis Bank Ltd.

According to multiple people aware of the development, it will be one of the largest private equity investments in the Indian banking sector. The three entities will invest about $1.9-2 billion to acquire the 10% stake, one of the people said on condition of anonymity.

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