Mumbai, Jan. 31 -- Global private equity firms including Apax Funds and Advent International have joined the race to acquire a majority stake in RedTape, in a transaction that could value the Indian footwear maker at Rs.4,500-5,000 crore (about $500 million), three people familiar with the matter said on condition of anonymity.

The proposed deal marks one of the largest private equity plays in India's branded footwear space, and comes amid rising investor interest in the country's consumer-facing family-owned businesses.

Talks are at an early stage, and the promoters have mandated EY to advise them on the process, one of the people cited above said, adding that the consultancy has sought non-binding bids.

The second person said that th...