This natural gas supplier may be India’s next unicorn

I Squared Capital is considering selling a minority stake in Think Gas Distribution Pvt that could value the Indian natural gas supplier at more than $1 billion, according to people familiar with the matter.

The private equity firm is working with an adviser to sell as much as a 30 percent stake in Think Gas, said the people in the know, who asked not to be identified as the information is private. The asset could attract investment funds and pension funds, the sources said.

Deliberations are at an early stage and I Squared could still decide against proceeding with a deal, the sources added. Representative of I Squared and Think Gas didn’t immediately respond to requests for comment.