BT seeks sale of Tech Mahindra stake: FT


BT seeks sale of Tech Mahindra stake: FT

Robert Clark  |   October 06, 2010
BT is in talks with private equity firms about the possible sale of its 31% share of Indian IT services firm Tech Mahindra.
The FT has reported that BT is in discussions with Apax Partners, Providence Equity and Goldman Sachs Private Equity about the deal, which could be worth up to $800 million. 
The UK telco has been weighing an exit from Tech Mahindra - which it co-founded 24 years ago – for the past two years.
BT’s Indian business is now focused on its global services unit, which is pursuing telecom and IT services contracts in the booming Indian economy itself.
Sources told the FT that deal was seen by private equity executives as risky because Tech Mahindra depends on BT for half its revenues.
It has also just acquired Satyam, the Indian outsourcing firm that admitted to accounting fraud last year and may face fraud and investor lawsuits.

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