Bain Capital, LP has started talks to buy a significant minority stake in Fortis Healthcare Limited (BSE:532843), three people aware of the development said. Apart from Bain, three more global PE giants, KKR & Co. L.P. (NYSE:KKR), TPG Capital, L.P. and another contender whose identity is not known-are in the fray, the people mentioned above said on condition of anonymity.

"Discussions with Bain and TPG are currently only for a minority 26% stake in the company," said the first of the three persons cited above, adding KKR, meanwhile, is in talks for a controlling stake. "While talks with KKR are still at an early stage, discussions with the other three PE funds are currently in a due diligence stage," the second person said. "They (PE funds) are expected to put the proposal before their respective investment committees for approval, following which they are expected to make a formal offer for the stake," this person added.

Emails sent to Fortis, KKR and Bain Capital remained unanswered till the time of going to press. A TPG India spokesperson replied, saying "TPG follows a strict disclosure policy and hence is unable to confirm or deny these suggestions about our interest in the company."