PE firms partner each of four IDFC MF suitors; TPG-IndusInd, Bandhan Bank-GIC among consortia in fray
Buyout group TPG has joined forces with an investment vehicle of the Hinduja family and Indusind Bank, also owned by the same business family to form a consortium and make a firm bid for IDFC’s mutual fund business, said people aware of the development.
The TPG-IndusInd combination is competing with three other such groups that have got formed ahead of the mid-March binding bid deadline. It is after a long time that each of the shortlisted contenders — home grown banks and global asset management firms — in fray have tied up with a private equity firm.
Sundaram Mutual Fund has partnered Carlyle, while Invesco and Warburg Pincus have created a consortium for the potential Rs 5,000 crore buyout, the people add. Bandhan Bank and a promoter entity have GIC of Singapore, which is also a co-investor in the bank along with Temasek.