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Blackstone buys majority in Indian outsourcer unit

Mon Dec 1, 2008 8:06am EST

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MUMBAI, Dec 1 (Reuters) - Private equity firm Blackstone Group (BX.N) said on Monday it had agreed to buy a majority stake in the outsourcing unit of unlisted CMS Computers Ltd.

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The unit, which also manages card solutions and ATM cash management, will be spun off into a new company with the founders of CMS owning a minority stake, Blackstone said in a statement.

Financial details were not disclosed.

Rajiv Kaul, a former chief executive of Microsoft (MS.N) in India who will head the new firm, said in a statement Blackstone saw potential in CMS's strong customer base and geographic reach across 500 locations.

Blackstone set up its Indian office in 2005 and has announced seven deals worth $1 billion. (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)

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