"Global private equity (PE) firm Carlyle Group has emerged as the front runner for GE Capital Corp’s stake in SBI Card, the credit card joint venture between the US-based company and India’s largest lender State Bank of India (SBI). Carlyle has emerged as the front runner for GE Capital’s stake in SBI Cards for somewhere around $325 million. The board of SBI settled upon the final bidder in a meeting. Carlyle has pipped Warburg Pincus and Credit Saison and emerged as the final bidder though the deal is not closed yet,” reported Mint.

Shardul Amarchand Mangaldas corporate partners Shuva Mandal and Abhishek Guha and tax partner Abhay Sharma, senior associate Anwesha Haldar and associates Aditi Tralshawala and Alind Chopra acted for the affiliates of GE.

Slaughter & May partner Peter Brien and associate Ben Heron also acted for GE.

Cyril Amarchand Mangaldas Mumbai corporate partners Vandana Shroff, Manisha Kumar and Manu Varghese, competition partner Bharat Budholia and senior adviser - financial services Anand Sinha acted for Carlyle.

Latham & Watkins Hong Kong partner Simon Cooke also acted for Carlyle.

Desai & Diwanji Mumbai partner Parth Sharma and associate partner Sonal Rangnekar acted for SBI.