General Atlantic and Advent International Corporation are at an advanced stage of their bid to acquire private equity firm Everstone Capital's 40.9% stake in Restaurant Brands Asia Limited (NSEI:RBA (RBA), which operates fast-food chain Burger King in India, said executives aware of the matter. “Everstone, which also operates Subway and Lavazza coffee in India, is looking to cash out from its stake in Burger King, and is now actively engaged in due diligence with private equity firms General Atlantic and Advent,” one of the executives said. RBA reported a loss of INR 0.733 billion for the quarter ended March, widening from a loss of INR 0.67 billion in the year-ago period, impacted by food inflation and the opening of newer stores.

Revenue from operations grew by over 28% year-on-year to INR 5.14 billion. Everstone, RBA and General Atlantic didn't respond to queries. Advent declined to comment.