UK-listed phone operator BT Group is reportedly in talks with private equity firms about selling its strategic investment in India-based outsourcing services company Tech Mahindra.
Tech Mahindra is a listed subsidiary of India-based conglomerate Mahindra & Mahindra and BT has been its largest customer with a 31% stake.
US national carrier AT&T acquired an 8% stake in Tech Mahindra in March but local news provider Economic Times of India said BT, which has been eyeing a sale for more than a year said Apax Partners, Providence Equity and other private equity firms were interested in buying its stake for about R37bn ($830m).
The moves comes as a number of phone operators dispose of minority stakes in third parties, such as Vodafone.