BT’s Tech Mahindra stake eyed

Private equity firms including Apax Partners and Providence Equity have shown interest in buying BT Group's stake in Tech Mahindra that is likely to be valued at $830m (£522m). BT has restarted discussions to sell its holding in Tech Mahindra following the restatement of financial numbers by the Indian IT services firm's unit Mahindra Satyam.

The British firm, which holds about a third in Tech Mahindra, is expecting a 30 per cent premium over the current market price for the stake sale, valuing the deal at more than 37bn rupees (£522).