UAE’s Mubadala Investment Company has held talks to join US-based Warburg Pincus as a potential co-investor in acquiring a controlling stake in Shriram Housing Finance, a subsidiary of Shriram Finance, an Indian non-banking financial company, according to an Indian media report.

Mubadala sees value in the opportunity and plans to join hands with Warburg Pincus, Moneycontrol, an Indian financial website, reported, citing an unnamed source.

If the plan proceeds, a few other investors may join the Warburg Pincus-led consortium, the source said, adding no final decision has been made.

Mubadala is one of the limited partners of Warburg Pincus and both sides are familiar with each other, the report said, quoting another source.

Bain Capital is another contender in the competition, the report said. 

Media reports indicate the deal size ranges between Rs 50 and Rs 60 billion ($599-719 million).

Shriram Finance owns 84.82% of Shriram Housing Finance. California-based private equity company Valiant Capital Management holds the remaining 14.94%. 

(Editing by Seban Scaria seban.scaria@lseg.com)