Carlyle, Advent, others in hunt for HP's MphasiS stake-sources
MUMBAI May 31 (Reuters) - Private equity giants Carlyle Group LP and Blackstone Group LP as well as Indian outsourcers L&T Infotech and Tech Mahindra Ltd are lining up bids for Hewlett-Packard Co's $1 billion stake in India's MphasiS Ltd, several sources involved in the process said.
Buyout firms Advent International and Bain Capital LLC are also in talks to bid for HP's 60.5 percent stake in MphasiS, an IT services exporter, said the sources, who declined to be named as details of a potential deal are not yet public.
Tech Mahindra and L&T Infotech, mid-range players in India's $108 billion IT outsourcing industry, may team up with private equity firms to make bids for the MphasiS stake, two of the sources told Reuters.
MphasiS, which generates roughly half its revenue by providing services to HP's clients, has a market value of $1.8 billion. Reports of a potential stake sale to private equity firms emerged about a month ago.
HP, MphasiS, Carlyle, Blackstone, Advent, Bain, Tech Mahindra and conglomerate Larsen & Toubro, which owns L&T Infotech, all declined to comment.