BT Group Plc may sell its 31 percent stake in India's Tech Mahindra Ltd., the Financial Times reported, citing people familiar with the matter.
BT is considering selling all or a large part of its stake in the joint software services venture because it does not fit with its long-term strategy, the newspaper said.
The proposed sale of the holding would be one of the largest in the Indian outsourcing industry, the FT said. Tech Mahindra has a market capitalization of about $2.2 billion.
Global buyout firms, which are struggling to deploy funds in India, would be interested in buying the stake, the newspaper said.
Mahindra & Mahindra Ltd., which owns about 41 percent of Tech Mahindra, is not expected to bid for the stake as it wants the company to remain listed, the FT said.
Source: Bloomberg