Blackstone joins Baring in wait to exit profitable India IT investment
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Blackstone Group LP had struck a neat deal when it bought a majority stake in Mphasis Ltd in 2016
(Bloomberg)
Five years after Blackstone bought a stake in Mphasis, it is sitting on profits of 300% on investment
Baring has been struggling to find a buyer for its stake in Hexaware, even after 7 years of acquisition
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Blackstone Group LP had struck a neat deal when it bought a majority stake in Mphasis Ltd in 2016. The deal was at a 30-35% valuation discount to similar-sized companies such as Mindtree Ltd and Hexaware Ltd. Now, almost five years after it announced the deal, it is sitting on profits of nearly 300% on the investment. But as of now, it is just on paper.