Mumbai, March 25 -- A clutch of private equity funds, including Bain Capital, EQT and TPG, are in the final lap of discussions to acquire a stake in UK-based Vitabiotics, which will potentially value the nutraceutical company between $900 million and $1 billion, two people familiar with the matter said.

Several private equity firms evaluated the asset, but these three were in the last leg of discussions, the people cited above said, adding that binding bids are due in the coming weeks.

Vitabiotics, EQT and TPG declined to comment, while Bain did not respond to Mint's emails till the time of publishing.

Broadly, India is seeing renewed investor appetite for preventive nutrition brands as the country's wellness market scales rapidly. Wit...