A consortium led by Bandhan Financial Holdings, the promoter of Bandhan Bank, is said to be in the pole position to win the bid for IDFC's mutual fund business in a deal valued at about ₹4,500 crore, trumping an Invesco-led grouping, people with knowledge of the matter said.
The Bandhan consortium also includes Singapore sovereign wealth fund GIC and local PE firm ChrysCapital. The deal for IDFC Asset Management Co is likely to be sealed at the parent company's board meeting on Wednesday and the decision is likely to be communicated to the winners by the evening, the people said. Bandhan Group founder Chandra Shekhar Ghosh declined to comment. IDFC didn't immediately respond to an email sent late Tuesday seeking comment.
There was stiff competition between the Bandhan-led and Invesco-led consortia," a person familiar with the matter told ET.
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