The country’s largest private equity fund, ICICI Venture, is teaming up with US-based PE fund Providence to put in a joint bid for BPO firm Firstsource Solutions.

ICICI Venture is also wooing Kohlberg Kravis Roberts & Co (KKR), one of the world’s biggest buyout funds, to join the consortium, said a banker.

If the funds eventually join hands to bid for Firstsource, it would be the first time in India that three large PE players come together for an acquisition. Both Firstsource and I-Venture are promoted by the ICICI group.

It’s perceived that any deal could be partly driven by ICICI Bank, the biggest shareholders in Firstsource. The bank is under pressure to shore up its earnings, and a deal in the next few months would result in higher profits for the December quarter.

Sources said while KKR has shown some interest, it’s yet confirm its participation in the proposed joint bid. The I-Venture spokesperson declined to comment.

(Source: Business Standard)