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…

https://cfo.economictimes.indiatimes.com/news/pe-firms-partner-each-of-four-idfc-mf-suitors-tpg-indusind-bandhan-bank-gic-among-consortia-in-fray/89883463