Everstone Capital Ltd, Aditya Birla Management Corporation Pvt Ltd. and India Value Fund Advisors Private Limited plans to acquire a controlling stake of 60% in Spykar Lifestyles Pvt. Ltd. from Avigo Capital Partners. Lincoln International was appointed as advisor by Avigo Capital to sell its share, persons familiar with the matter told Economic Times.

Adolfo Dominguez SA and Riverside Advisors, LLC are also believed to seek for the stake. Hari Krishnan, Managing Director of Avigo Capital, said, “There are 4-6 Indian and international players with whom we are at an advanced stage of negotiations. It will take 3-4 weeks to finalize a deal." Hari Krishnan declined to name the companies involved.

Pranab Barua, Business Director of apparel and retail business of Aditya Birla Group and Jaspal Singh, partner at Everstone Capital, declined to comment. A spokesman of India Value Fund said he could neither confirm nor deny whether they had showed interest in Spykar. Prasad Pabrekar and Sanjay Vakharia will retain their 40% stake in Spykar when the new owner takes control of the firm.

Spykar's management is expecting an enterprise valuation of over INR 3 billion.