One of those tres chic New York investment banks – whose name we’re not supposed to mention – is in talks to acquire a majority stake in a high-profile Indian software firm, BFL Software Ltd. The Bangalore-based BFL Software has been doing contract work for multinationals like Compaq, FedEx, NEC and Hyundai, focusing on client/server technologies, NT/95, OS/2, GUIs, Year 2000 solutions and utilities. Compaq uses it for device drivers for Solaris, NT, 95, OS/2 and SCO. Bangurs, one of India’s leading conglomerates, is selling its 65% stake in the publicly owned BFL Software, which has been a cash cow for the group, to tide it over a financial crunch. The New York bank, which has been trolling the emerging markets for the last two years, is believed to be considering acquiring 15% from the public too and could end up with 80% of BFL. It would hold it for awhile then dump it for a hefty profit.
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