Nilesh Gupta is used to saying no to private-equity firms. “They know our doors are closed. They have stopped coming,” said the director of Vijay Sales, a family-owned chain of electronics stores, when The Ken first met him at the retailer’s unremarkable headquarters in suburban Mumbai in March.

By the time of our second conversation, over a month later, Gupta had been proved wrong. An American PE giant had sent a feeler not to Gupta........

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