Apax Partners LLP and Bain Capital, LLC are in talks to acquire minority stake in Kalyan Jewellers India Private Limited. “It is true that a few large private equity funds have approached us for investments and the discussions are on. But nothing has been finalized yet,” said Ramesh Kalyanaraman, Executive Director at Kalyan Jewellers.

Shashank Singh, Co-Head and Managing Director of Apax Partners India, refused to comment while an email questionnaire sent to Bain Capital did not elicit any response.