The deal is set to be announced within days, the sources said. They declined to be named as the talks are not public.
The board of Crompton Greaves, a conglomerate whose activities stretch from power transmission equipment to fans and air coolers, in March approved a plan to hive off its consumer products business into a separately listed company.
Newspaper reports have since said the company, controlled by the Avantha Group, could instead consider a sale.
The consortium of buyers includes Singapore state investor Temasek Holdings as a partner, the sources added. After the deal, Advent will hold a stake of 65 to 70 per cent in the business, one of the sources said.
Barclays is advising Crompton on the deal.
A spokesman for Avantha declined to comment. Advent International declined to comment, while a Temasek spokesman was not immediately reachable.
© Thomson Reuters 2015
