New Delhi, Dec. 21 -- India Resurgence Fund (IndiaRF), a joint venture between the Piramal Group and Bain Capital, has initiated a process to sell part of its stake in Synthimed Labs Pvt Ltd (SLPL) and has appointed Rothschild & Co as advisor to scout for buyers for the portfolio company, two people familiar with the matter said.

"The investment firm is looking to sell a minority stake valued at $250-300 million," one of the people cited above said. The person added that the deal was launched two to three weeks ago and several private equity firms have been sounded out. "The investment firm is seeking a valuation of about $1 billion for the overall asset," a second person said.

IndiaRF and Rothschild & Co declined to comment, while Synt...