Bain Capital is in advanced talks to buy the 90% stake billionaire Gautam Adani’s group holds in an Indian shadow bank for about 14.4 billion rupees ($180 million), the Business Standard reported, citing people it didn’t name.

The financier’s Managing Director, Gaurav Gupta, will retain the remaining 10% stake in the firm, and Bain will invest another 10 billion rupees to grow the business, according to the report.

A potential sale of Adani Capital can help cut liabilities on the conglomerate’s balance sheet as it focuses on its infrastructure development businesses, including building a new airport on the outskirts of Mumbai. Bain and Carlyle Group Inc. are among potential bidders for a controlling stake in the company, Bloomberg News reported earlier this month.

A spokesperson for the company didn’t respond to phone calls seeking comments.

Adani Capital started its lending operations in April 2017 and has more than 160 branches across India, according to its website. The non-bank lender was planning an IPO as early as 2024, selling about a 10% stake with a targeted valuation of $2 billion, Managing Director and Chief Executive Officer Gaurav Gupta said in an interview last year.