Baring Private Equity Asia intends to sell its 71% stake in Hexaware Technologies Limited (NSEI:HEXAWARE). A deal could value Hexaware at INR 80 billion. The talks have begun with Cap Gemini S.A. (ENXTPA:CAP), The Blackstone Group L.P. (NYSE:BX) and The Carlyle Group LP (NasdaqGS:CG), multiple sources close to the development told Economic Times.

"Yes, they are testing the waters. Baring has sounded some potential strategic and financial investors for a share sale," said one of the persons cited above. "However, a formal auction process is yet to begin." If such a sale takes place, a mandatory open offer will be made for stock held by the public.

According to the sources, investors were approached in late November, indicating that the process will be formally launched in mid-January 2016. Economic Times added that Baring denied that a deal was in the works. "There is no truth in this," it said in an email.

Capgemini, Blackstone and Carlyle declined to comment.