US private equity firm Blackstone has acquired a majority stake in the IT outsourcing arm of India's CMS Computers.
The new division offers IT infrastructure management and outsourced business services for various industry verticals, including card processing, transaction printing and ATM management for the domestic Indian banking sector.
Blackstone has appointed Rajiv Kaul, ex-CEO of Microsoft India, as executive vice chairman and CEO of the new company.
Akhil Gupta, chairman and senior managing director of Blackstone in India says that with its geographic reach across 500 locations, CMS is well positioned to capitalise on the growth opportunity in the IT infrastructure and the outsourcing services market in the country.
Blackstone has had a presence in India for the past three years and has so far financed seven deals to the tune of $1 billion.