Barings in talks with EDS to sell stake in MphasiS

By agencies   |   Thursday, 26 January 2006, 08:00 Hrs
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MUMBAI: Baring Private Equity Partners (India) Ltd. is in talks with Electronic Data Systems Corp. to sell its 35 percent stake in Indian software firm MphasiS BFL Ltd., a newspaper said.

"While negotiations with EDS were started way back in May-June 2005, it is only now that the U.S. company has started a very extensive due diligence on MphasiS," the Economic Times said.

The report quoted Baring's managing partner, Rahul Bhasin, as saying, "In this instance, though Baring is involved in several negotiations simultaneously, the sale of its stake in MphasiS is not one of them."

Baring was looking to sell its stake in MphasiS last year, but called off the plans last August due to differences over the pricing.

In August, Barings said, "Given our strong customer franchise and robust growth prospects, we would not like to entertain any of the offers. It is business as usual."

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