Mumbai: Global private equity major The Carlyle Group has emerged as the frontrunner to buy a significant stake in Ajay Piramal-owned Piramal Group’s pharma businesses for close to ₹3,500 crore.Three people aware of the development confirmed this, adding that the proposed stake sale has attracted bids from several other global investors.“We do not comment on market speculations," said a Piramal Group spokesperson.On 7 April, Mint reported that American private equity giants TPG Capital and KKR & Co.