Singapore state investor Temasek Holdings is in talks to buy a part of U.S. private equity firm TPG Capital's holding in Indian commercial vehicle lender Shriram Transport Finance Co in a deal valued at 25 billion rupees ($561 million), the Business Standard reported on Monday.
TPG, which owns 20 percent in Shriram Transport, plans to offload a significant minority stake in the non-banking finance company and has appointed Credit Suisse to advise it on the sale, the newspaper said, citing people familiar with the development.
A spokeswoman at Temasek declined to comment. Officials at TPG and Shriram Transport could not immediately be reached by Reuters.
The Business Standard said Temasek wanted to buy 10 percent to 14 percent in Shriram Transport. A few other private equity players are also in the race to buy the TPG stake, it said.
Source: Reuters