HONG KONG (Reuters) -Baring Private Equity Asia (BPEA) has shortlisted bidders including Bain Capital and French company Teleperformance SE for its Indian holding company Hexaware Technologies in a deal that could bring in nearly $ 3 billion , sources said.

Private equity firms KKR & Co and Carlyle Group are also in the running, said the four people with knowledge of the deal, who declined to be named because the information is confidential.

BPEA has shortlisted a handful of a dozen initial bids to move on to the next round, which is expected in about a month, the sources said. Bids made for Hexaware ranged from $ 2.5 billion to nearly $ 3 billion, they said.

Hong Kong-based BPEA, Bain, KKR and Carlyle declined to comment. Hexaware and Paris-based Teleperformance, which provides services to businesses, did not immediately respond to requests for comment.

BPEA bought a controlling stake in IT services company Hexaware in 2013 for around $ 420 million and pulled the company off local exchanges late last year.

Hexaware, headquartered in Mumbai, provides automation, cloud and customer service technologies to a wide range of industries including finance, education, hospitality and manufacturing.

With 37 offices in more than 30 countries, the company’s revenue grew 6.5% year-over-year in 2020 to $ 845 million in US dollars, according to its annual report.

Its earnings before interest, taxes, depreciation and amortization (EBITDA) increased 24.4% to reach 11 billion rupees in 2020.