Even as private equity and other investors train attention on Australian food manufacturers, reports indicate that Blackstone Group LP and China's agribusiness firm New Hope Group have entered the final round of bidding for Australia's largest poultry producer Inghams Enterprises which owns the Ingham Chicken brand. The deal is estimated to be about $1.5 billion (A$1.4 billion), which would make it the largest PE deal in Asia in the current year.

Neither Inghams nor Blackstone and New Hope Group have officially confirmed this development. But reports say the final bid is likely to take place by mid-December.

For Blackstone this could potentially be its first buyout deal in Australia. The group has earlier bought into US property investments owned by Australian firms. For New Hope Group, this deal would lend further spurs to its expanding footprints in the Asia-Pacific region.  It is one of China's largest suppliers of meat, eggs and dairy products, with annual sales of $8.8 billion and has expanded into the Philippines, Bangladesh, Indonesia and Vietnam, owning over 10 animal feed plants and poultry farms in Southeast Asia.

Reports also state that Thailand's C.P. Foods had also placed a preliminary bid but later opted out. Several other PE funds like Hong Kong-based Affinity Equity Partners, Bain Capital and KKR & Co had shown initial interest in making a bid for Inghams.

Inghams is reportedly working with its financial advisor Investec to manage the sale process and to assess all options for the company.

The company, which was founded way back in 1918, employs more than 8,000 people and runs its operations in Australia and New Zealand.