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BANGALORE - One of India's largest software makers, Wipro Ltd., may be close to acquiring U.S.-based telecom consultant The Management Network Group, sources familiar with the negotiations say.
The cost of any TMNG acquisition by Wipro could be close to $400 million for Wipro and is likely to be a stock-cash deal, the sources said. Bangalore-based Wipro, India's third-largest software service exporter, declined to confirm the deal, as did TMNG.
"In line with our strategy for growth, we are always in dialogue with various companies and investment bankers for acquisitions, alliances and partnerships," Wipro said in a statement. "It has been our policy not to comment on unconfirmed reports until a definitive agreement has been reached."
Richard Nespola, CEO of TMNG, said he would not comment on market rumors.
The two companies have worked together in the past, with Wipro roping the Overland Park, Kan.-based TMNG in on a project for U.K.'s Lattice Group. Wipro had won a $70 million contract from a telecom subsidiary of the...