Tech giant Tech Mahindra is in discussions to buy India’s Bhartia Telecom and acquire rival Bhartikeya Technologies, according to sources familiar with the matter.
Sources told Bloomberg that Tech Mahintra is working on acquiring Bhartiketes company BhartikaTech, which was founded by billionaire businessman Rajan Jain.
The move comes amid an investment push by the two companies into the Indian market.
The two companies have a combined market value of around Rs.9,000 crore ($1.26 billion).
Bharti Airmetel, which competes with Bhartica in the Indian mobile market, has also raised an undisclosed amount in an initial public offering.
BHATL Technologies has been valued at around Rs 5,000 to Rs 7,000 ($200-$350) a share, sources told Bloomberg.
Tech Mahinda has raised about Rs 3,500 crore ($2 billion) to date.
Both Tech Mahinder and Bhartiyetel are owned by billionaire entrepreneur Ajay Jain, whose family owns the Birla Group of Companies.