According to CNBC TV 18, citing sources, private lender Axis Bank may be the highest bidder for Citibank India's retail business. As per to people familiar with the situation, Axis is likely to strike an all-cash deal for Citi's India retail assets worth $1.5 billion, with up to $300-400 million in milestone payments based on future performance. "We continue to move forward with our process with respect to our India consumer business in accordance with our broader strategic refresh," Citi said in response to a CNBC TV18 report that Axis may be leading the acquisition race.By the time this report was published,Axis had yet to issue a statement.