Blackstone-Mphasis deal gets CCI nod

Competition Commission of India (CCI) has cleared private equity major Blackstone's multi-billion dollar deal to buy over 50% stake in Mphasis from HP Enterprise.

The acquisition will be done through Marble II Pte, part of Blackstone Group.

In April this year, Blackstone had said it will buy out 50% stake of HP Enterprise in Mphasis for up to Rs 7,071 crore ($ 1.1 billion), marking the largest IT deal for the US-based firm in India.

CCI, which keeps a tab on unfair business practices, has cleared the deal, as per the regulator's website.

Marble II Pte is a special purpose vehicle and is currently not engaged in any business activity. Blackstone is a global alternative asset manager and provider of financial advisory services.

Mphasis is an IT solutions provider, offering applications, business process outsourcing and infrastructure services globally through a combination of technology knowhow, domain and process expertise.