(Bloomberg) -- Everstone Capital, the private equity arm of Mumbai-based Everstone Group, is considering selling its health-care platform in Asia that could be valued at as much as $1 billion in a deal, according to people with knowledge of the matter.

The buyout firm has asked investment banks to submit proposals for Singapore-headquartered Everlife Holdings Pte, said the people, who asked not to be identified as the information is private. Everstone Capital is seeking a valuation of $500 million to $1 billion for Everlife, the people said, adding that some companies in the industry and private equity firms have shown preliminary interest.

Deliberations are ongoing and there is no guarantee that Everstone will proceed with the divestment, the people said. Representatives for Everstone didn’t immediately respond to emails seeking comment.

Everlife supplies diagnostic screening and testing products to clinical laboratories and hospitals, according to its website. The company also provides products for research in biological sciences for academia and research laboratories as well as laboratory instruments for industries such as oil and gas. Its business spans across seven countries in South and Southeast Asia. Everstone Group has a controlling stake in Everlife, while Singapore-based private equity firm Cure Capital is a minority investor, a press release shows.

Everstone Capital, which manages over $2 billion in private equity, primarily invests in businesses that have a nexus to India and Southeast Asia, according to its website. The Singapore-based company also has offices in locations such as Mumbai, New Delhi, New York and Mauritius. 

--With assistance from Baiju Kalesh.

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