Private equity firm Blackstone Group has emerged as the front-runner to acquire a significant stake in Mumbai-based L&T Mutual Fund. Stock broker and wealth management firm IIFL is also in the race but Blackstone’s bid is likely to be better, top sources told BusinessLine. “Blackstone has the upper hand. L&T Finance has to decide on the bids it has received so far. Then, it will have to be approved by SEBI,” the sources said.
