Tech Mahindra to buy 51 pct of Comviva from promoters

COMVIVA-TECHMAHINDRA-DEAL:Tech Mahindra to buy 51 pct of Comviva from promoters

Indian software services provider Tech Mahindra has agreed to buy 51 percent of Comviva Ltd., a mobile phone software maker, the company told reporters on Monday.

The deal is valued at 2.6 billion rupees, and the promoters will retain a fifth of the company, Tech Mahindra said.

Billionaire Sunil Mittal's Bharti Group, which controls top telecoms carrier Bharti Airtel , is the biggest shareholder in Comviva. WestBridge Capital, Sequoia Capital and Cisco Systems Inc are the other investors.

Tech Mahindra, a unit of tractor and sports utility vehicles maker Mahindra & Mahindra , earlier this month agreed to buy Hutchison Whampoa Ltd's <0013.HK> back-office call centre business in India for $87.1 million.