Four parties including KKR-backed Avendus Capital have joined the race to buy IDFC’s asset management business, reported The Times of India.

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Financial services firm Avendus has made a non-binding offer of about Rs 3,300 crore for the business, the report said citing people close to the development.

Avendus and IDFC did not immediately respond to an email seeking comment.

The development comes after IDFC launched a sales process to divest its asset management business, which manages the country’s twelfth largest mutual fund with assets worth about $10 billion.

Citic CLSA, Apax Partners, Warburg Pincus, True North, Bain Capital and IndusInd Bank had shown early interest, though many of them dropped out subsequently.

IDFC is expected to decide on the sale by August-end, the report said.

First Published:Jul 13, 2018 10:19 AM IST