American private equity company Warburg Pincus is to take stake in India’s Kalyan Jewellers.

Warburg Pincus is reportedly in final negotiation to invest around $200 million to buy a minority stake in the chain.

“The negotiation with Warburg Pincus is in final stage and is likely to consummate early next month,” said a person knowledgeable with the negotiation.

“Singapore-based Temasek is the only other PE firm left in the race for minority stake in Kalyan Jewellers,” added the source.

Kalyan Jewellers operates 52 stores across India and six in the UAE. It plans to open 19 new shops domestically as well as expand into Singapore and Malaysia.