04 April 2016 Current Affairs: Blackstone India, the Indian arm of global private equity fund Blackstone Group L.P., on April 4,2016. it will buy 60.5% stake in Bengaluru-based information technology services provider Mphasis Ltd.Blackstone will buy the shares from Hewlett Packard Enterprise (HPE) at Rs.430 per share. This will be followed by a mandatory open offer for 26% more shares of Mphasis. Depending on the open offer subscription, Blackstone will spend between Rs.5,466 crore and Rs.7,071 crore (approximately $825 million-$1.1 billion) for the acquisition.On 8 March, Mint had reported Blackstone’s plans to acquire a controlling stake in Mphasis Ltd by backing the existing management headed by chief executive Ganesh Ayyar.HPE and Blackstone have agreed on the terms of a master services agreement (MSA) and the duration of the MSA is five years with three automatic renewals of two years each. Under this MSA, HPE has proposed to commit a minimum revenue amount escalating year-on-year and totaling $990 million over the next five years. Also, Mphasis will be included in HPE’s Preferred Provider Program opening up significant additional revenue opportunities, said the Blackstone statement.For Mphasis, orders from parent Hewlett Packard have been steadily declining over the past few years. The contribution from Hewlett Packard decreased to 34% of the total revenue in the year ended 31 March 2015 from 71% in 2010.PE deals in IT and software services in India rose 40% in 2015 to $2 billion, from $1.4 billion in 2014, according to data from VCCedge, the financial research platform of VCCircle. Business processing outsourcing (BPO) services have seen deals worth $410 million in 2015.In September, Blackstone Group had repurchased the India-based BPO operations of the UK’s Serco Group Plc. for £250 million, four years after selling the unit.Besides its investment in Serco, Blackstone acquired a minority stake in Thiruvananthapuram-based technology firm IBS Software from private equity firm General Atlantic and other shareholders for $170 million in December.In May, Blackstone had sold its controlling stake in cash management company CMS Info Systems Ltd to Baring Private Equity Asia in a deal worth $440 million.Blackstone, which established its office in India in August 2005, has since then committed $3.5 billion in the country.