ING Barings Private Equity Fund has taken over a majority stake in a cash-strapped Indian software firm, BFL, for $8.46m. It is not clear whether this would result in a takeover later. Goldman Sachs, Taib Bank and a multinational software firm too were in the fray to acquire a stake in BFL which had posted a net profit of $0.7m for the first half of fiscal 1997 (April ’97 to October ’97).
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