Blackstone eyes minority stake in Sify Technologies – Bloomberg

Blackstone Group Inc. is in exclusive discussions to acquire a minority stake in Indian communications infrastructure provider Sify Technologies Ltd., Bloomberg News reported March 5, citing sources.

While details are unclear on the value of the proposed stake purchase, Sify Technologies is reportedly eyeing a valuation of between $1 billion and $1.2 billion.

The potential deal comes as Sify Technologies seeks to expand its data-center presence in Chennai, Mumbai, Noida and other Indian cities, according to Bloomberg.

Blackstone recently increased its M&A activity in India. The private equity firm agreed to acquire Piramal Enterprises Ltd.'s glass packaging unit Piramal Glass Ltd. for $1 billion, and most recently purchased Prestige Estates Projects Ltd.'s commercial portfolio for about $1.5 billion.