Blackstone Inc. is in preliminary discussions to purchase a stake in India's IIFL Finance.
Current stakeholder Fairfax Financial Holdings is considering selling its entire 15.2% holding in the company. This divestment would help Fairfax comply with regulatory guidelines as it seeks to acquire IDBI Bank.
IIFL Finance maintains a market valuation of approximately $2.9 billion. Fairfax reported its ownership position as of June 30.
The potential deal underscores Blackstone's growing interest in India's financial services sector. The firm previously made a significant investment in Federal Bank last year.