Bain Capital is also interested in merging the two Vadilal entities into one company, CNBC-TV18 said in a tweet.

Vadilal's ice cream business is valued over 30 billion rupees ($363.11 million) as per deal talks, CNBC-TV18 added.

($1 = 82.6189 Indian rupees)

(Reporting by Aleef Jahan in Bengaluru; Editing by Nivedita Bhattacharjee)