A US private equity firm has invested $200 million into a rising Indian jewellery retailer.

Warburg Pincus has agreed to buy a minority, but significant, stake in Kalyan Jewellers according to reports from Reuters on Monday.

The investment follows discussions between Kalyan’s owners and several private equity firms underway as early as March of this year.

The cash will be used to fund an expansion of the retail network.

Headquartered in Thrissur city, Kerala, Kalyan Jewellers is India’s largest retail jewellery chain. The privately owned business was founded by T S Kalyanaraman in 1993, who remains its chairman and MD. It employs about 4,000 people all over India and has more than 50 retail stores, largely located in the south.

“The deal is almost done and we may probably announce it later the day,” one of the sources who claimed to be directly involved in the stake sale told Reuters.