Torrent is hoping to secure roughly $3 billion to $4 billion in financing for the bid for its much bigger rival, they said.
Blackstone (BX.N) is also interested in bidding for Cipla, sources have also said.
Apollo is "quite bullish on their Asia strategy, and India in particular...both Cipla and Torrent have strong balance sheets," the person said.
Apollo and Torrent, which has yet to confirm its interest in Cipla, did not immediately respond to a request for comment.
Foreign banks, including Morgan Stanley (MS.N) and Barclays (BARC.L), are also in talks with Torrent to extend loans and arrange financing for the deal, sources have said.
Persons:
Danish Siddiqui, Bernstein, Blackstone, Morgan Stanley, Abbott, Sriram, Aditya Kalra, Edwina Gibbs
Organizations:
REUTERS, Danish, pharma, Pharmaceutical, Apollo Global Management, Capital Partners, Bain Capital, Blackstone, Mumbai International, JSW, Barclays, Pfizer, Thomson
Locations:
Cipla, Mumbai, India, MUMBAI, DELHI, Asia