Torrent Pharmaceuticals Limited (BSE:500420) is considering raising as much as $3 billion from global banks as the Indian drugmaker seeks to acquire a controlling stake in J. B. Chemicals & Pharmaceuticals Limited (BSE:506943), according to people familiar with the matter. Torrent is considering options including dollar and local currency bonds to help fund a potential purchase of KKR & Co. Inc. (NYSE:KKR)'s 53.8% stake in JB, said the people, asking not to be identified because the discussions are private.

Torrent is seeking financing from lenders such as Barclays Plc, Deutsche Bank AG and Standard Chartered Plc, the people said. Deliberations about the stake purchase are ongoing and no final decisions have been made, the people said. Other bidders may still remain interested in acquiring the stake, the people said.

A representative for Torrent didn't respond to requests seeking comment. KKR, JB and the banks declined to comment.