Kishore Biyani of Future Group is offloading his minority stake in womens ethnic brand Biba.

Private equity firms CX Partners and Warburg Pincus are reportedly vying to acquire the 28.3 per cent stake.

The deal could worth up to Rs350 crore (around $53 million) and would value Biba at Rs1200 crore ($200 million).

Established in 1986 by Meena Bindra, Biba now has 87 standalone stores across India and plans to expand to 150 by the end of the year.

“The company has ambitions of going global with the brand and the Indian ethnic wear collection, and a new PE partner can bring in the financial bandwidth for this expansion,” said a source who declined to be named.

Biyani is also said to be divesting his 23 per cent stake in women’s western brand AND Designs for Rs200 crore (about $33 million) to General Atlantic.

The moves are part of Biyani’s strategy to exit non-core businesses as well as to reduce debt.