Aug 23 (Reuters) - Baring Private Equity Asia is set to buy a controlling stake in Hexaware Technologies Ltd, an Indian outsourcing services provider, for about $400 million, two sources with direct knowledge of the matter said on Friday.
The deal is expected to be approved by the Hexaware board as early as Friday, said the sources, who declined to be named before a public announcement. A spokeswoman for Hexaware did not have immediate comment.
Baring will roughly buy a 42 percent stake in Hexaware from the Indian company's founders and private equity investor General Atlantic. It will then have to make a mandatory tender offer for up to 26 percent, the sources said.
Baring is one of the largest independent private equity firms in Asia, with over $5 billion in capital under management. In May, Baring agreed to invest $260 million in French cement maker Lafarge SA's India operations.
Hexaware develops software and provides business process outsourcing services to overseas clients. Its rivals in India's $108 billion outsourcing industry include Infosys Ltd and Tata Consultancy Services Ltd. (Reporting by Stephen Aldred in HONG KONG and Indulal P.M. in MUMBAI; Writing by Sumeet Chatterjee; Editing by Prateek Chatterjee)