MUMBAI, Sept 8 (Reuters) – Private equity firms including Kohlberg Kravis Roberts & Co (KKR) are eyeing BT Group’s (BT.L: Quote, Profile, Research, Stock Buzz) 31 percent stake in Indian software services firm Tech Mahindra (TEML.BO: Quote, Profile, Research, Stock Buzz), the Economic Times said, citing unidentified sources.
BT has put a price tag of more than $800 million on its stake valuing Tech Mahindra, 44.25 percent owned by India’s top utility vehicle maker Mahindra & Mahindra (MAHM.BO: Quote, Profile, Research, Stock Buzz), at nearly $3 billion, the newspaper said on Monday.
Tech Mahindra’s current market value is $2.1 billion.
KKR is preparing a potential bid while UK-based Apax Partners, America’s Texas Pacific Group and Carlyle and Singapore’s Temasek have also evinced interest, the paper said.
Tech Mahindra officials could not be immediately reached for comment. (Reporting by Narayanan Somasundaram; Editing by Ranjit Gangadharan)