If the deal materialises, it could lead to KKR owning over 80 per cent for up to $640 million.

KKR & Co is leading the race to acquire JB Chemicals from the founder promoters Mody family and have signed an exclusivity agreement with the sellers for bilateral negotiations, people aware of developments told The Economic Times. The global private equity firm trumped private equity rivals Bain Capital, PAG and Apax in a bidding war.

KKR, according to the report, is likely to pay up to 10 per cent premium or about $9.8 per share. However, this could not be independently verified.

If the deal materialises, it could lead to KKR owning over 80 per cent for up to $640 million. The deal will also involve an open offer getting launched for an additional 25 per cent of the company. At current price, KKR would end up paying $410 million for just the Mody family's stake, claims the report.