This week’s deal of the week is out of India. At least three of the top PE firms globally are bidding on business process outsourcing company SourceHOV, which is jointly owned by Citigroup Venture Capital International and Mumbai-listed HOV.
According to the Times of India, Apax Partners, Carlyle Group and Baring Asia are among the bidders offering about USD 1 billion, according to unidentified sources. Infosys, India’s third largest IT services giant, is not expected to participate in the auction.
India’s technology sector is a favorite for global VC and PE players, according to Business Standard online. Total investment in Indian assets by PE fund and strategic players was USD 1.32 billion this year to date, compared to USD 154.7 million spent by Indian firms to invest in assets outside the country.