Singapore based Temasek is still the front-runner to buy Barings 35% in MphasiS-BFL though sharp differences over valuation continues to dog sale process. Temasek and Hinduja-TMT are the only two bidders left in the process, which began in May and which is expected to provide an exit for Barings seven-year-old investment in the country.
However the picture is likely to be clear this weak. Barings, is likely to take a call on whether to call off the process or agree to sell at a lower than expected price to one of the two. It is about 75-25 status now. Negotiations are also being held between the Hinduja TMT and with the management team at MphasiS, which has strongly objected to any move to sell to the Hinduja Company.
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| Posted : 8/22/2005 |
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