Sequoia Capital and CDC Group plc are close to picking up a controlling stake in Sresta Natural Bioproducts Pvt. Ltd., multiple people familiar with the matter said. The deal, which is in final stages, is expected to give Sequoia and CDC, who are bidding jointly, around 70-80% stake in the Hyderabad-based company for nearly $100 million, sources said.

A foreign strategic player is also in talks with Sresta, but Times of India was not able to ascertain its name. Existing investors Peepul Capital LLC and Ventureast Fund Advisors India Limited are likely to exit the company by selling their stakes, another person familiar with the development said. They collectively own about 70% in Sresta with the rest of it being held by founder Rajashekar Reddy Seelam.

Sources said the company had earlier approached leading Indian and international food companies such as, Danone (ENXTPA:BN); ITC Limited (NSEI:ITC); Hindustan Unilever Limited (BSE:500696); Dabur India Limited (NSEI:DABUR); Global Consumer Products Pvt. Ltd., however, those talks were preliminary in nature. When contacted, spokespersons at Sequoia Capital and CDC did not comment on TOI's queries, while Raj Seelam said, "We do not comment on speculative news."