The Indian jewellery manufacturer and retailer will use the capital for expansion purposes, said sources.
US private equity firm Warburg Pincus has agreed to buy a significant minority stake in Kalyan Jewellers for about USD 200 million, five sources with knowledge of the transaction told Reuters on Monday.
The Indian jewellery manufacturer and retailer will use the capital for expansion purposes, said the sources, who declined to be named as they were not authorised to speak to the media.
"The deal is almost done and we may probably announce it later the day," said one of the sources, who is directly involved in the stake sale.
Kalyan and Warburg Pincus did not have immediate comments when asked by Reuters.
Sources had told Reuters in March that multiple private equity funds were in separate talks with Kalyan to invest between USD 200 million and USD 250 million.
Private equity funds have invested USD 4.6 billion in India so far this year, compared with USD 3.1 billion in 2013, Thomson Reuters data showed. Consumer-related investments contributed to a fifth of the total private equity inflows so far this year. (1 US dollar = Rs 61.2800)
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