Mumbai, July 1 -- I Squared Capital and a consortium formed by TPG and Canada Pension Plan Investment Board are in the final race to place bids to acquire a controlling stake in KKR-backed Re Sustainability Ltd, four people familiar with the matter said.

The people said the transaction is expected to be valued at upwards of $1.6 billion, with binding bids due over the next 10-15 days.

Other investors including Bain and Advent, who were evaluating the asset have dropped out of discussions, two of the people cited above said. A third person confirmed the above details and added that I Squared Capital is in discussions with various firms to jointly place a bid.

A potential deal could mark a final exit for KKR, which made several attempts ...