September 17, 2012 / 7:18 AM / 5 years ago

Tech Mahindra to buy 51 pct of Comviva

A man speaks on a phone as he looks at a large screen displaying India's benchmark share index on the facade of the Bombay Stock Exchange (BSE) building in Mumbai May 18, 2009.Punit Paranjpe

NEW DELHI (Reuters) - Indian software services provider Tech Mahindra (TEML.NS) 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 (BRTI.NS), is the biggest shareholder in Comviva. WestBridge Capital, Sequoia Capital and Cisco Systems Inc (CSCO.O) are the other investors.

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

Reporting By Ankush Arora; Editing by Sunil Nair

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