New Delhi, Feb. 11 -- After a bidding battle lasting more than a year, Japan's Mizuho Financial Group has moved ahead of others such as Nomura and Carlyle in its bid to acquire controlling stake in Mumbai-headquartered Avendus Group, according to three people with knowledge of the development.

Japan's leading financial services group is likely to sign a definite agreement in a month to buy around 80% stake in the KKR-backed Indian financial services firm if all shareholders agree, the people cited above said on condition of anonymity.

However, the deal, which is in its final lap, will need a go-ahead from each of its three founders-Gaurav Deepak, Ranu Vohra and Kaushal Aggarwal-who wield separate vetoes on the transaction and the buyer....