New Delhi, July 1 -- Mumbai: I Squared Capital and a consortium of TPG and Canada Pension Plan Investment Board (CPPIB) have emerged as the final contenders to acquire a controlling stake in KKR-backed Re Sustainability Ltd., according to four people familiar with the matter.

The transaction is expected to value the Hyderabad-based waste management company, formerly known as Ramky Enviro Engineers Ltd., at more than $1.6 billion, with binding bids due over the next 10-15 days, the people said on the condition of anonymity.

Other investors including Bain and Advent, which were evaluating the asset, have dropped out of the process, two of the people said. A third person confirmed the above details and added that I Squared Capital is in di...