Over the past few years, leveraged buyout firms have raised billions to invest in India, but to date, much of that money remains on the table, The Wall Street Journal reports.

What few deals have been struck are primarily minority interests in Indian companies. Last month, for instance, the Carlyle Group was only able to acquire a 5.6% stake in HDFC Bank—and, amazingly, that is the nation’s second-largest private equity deal to date. Kohlberg Kravis Roberts managed to acquire an 85% stable in Flextronics Software Systems last year.

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