PE Texas and Apax target Indian IT

August 2007

US private equity funds, Texas Pacific Group and Apax Partners, are nearing the close of a deal to buy some of the founders' stake in India's Patni Computer Systems, according to the paper, Business Standard.

Previous reports had circulated that Gajendra and Ashok Patni, two of the three brothers who founded the software services firm, were looking to sell their 29 per cent stake.

If the reports are accurate, the deal is likely to be signed next month.

A spokeswoman for Patni said the company could not comment on the report.

Patni chairman, Narendra Patni, who holds a 14.69 per cent stake in the company, has also expressed an interest in the shares, telling Business Standard that he was prepared to buy them if the price was right.

"I have built the company from scratch and would like the shares to find a good home when they are on offer," he said.

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