CVC Capital Partners has entered discussions to acquire KKR’s majority stake in Mumbai-based Avendus Capital, as Japanese lender Mizuho Financial Group’s bid stalls, according to sources familiar with the matter cited by Bloomberg.

KKR holds around 63% of Avendus, which it first invested in during 2015 before adding further capital two years later. Under KKR’s ownership, the company has grown beyond its investment banking roots to build businesses in wealth management, lending, and equity capital markets.

A potential sale could be among the largest private equity exits in India’s financial services sector, underlining strong investor appetite for exposure to the country’s expanding capital markets. Avendus’s management, led by co-founder and CEO Gaurav Deepak, will play a key role in shaping any deal.

Mizuho had been close to finalising a buyout valuing Avendus at about $800m, but talks faltered after one of the company’s minority shareholders demanded a higher valuation. Other parties previously linked to Avendus include Nomura Holdings and Carlyle.

CVC, one of Europe’s largest private equity groups, has been actively increasing its presence in Asia through investments in financial services, technology, and consumer sectors. A deal would provide Avendus with a new global partner as it seeks to scale further in India’s competitive financial services market.

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