Blackstone Group LP (NYSE: BX) is buying the majority of the private-sector business-process outsourcing operation from Serco Group plc (LON: SRP) for £250m ($387 Million) in cash, marking it the PE firm’s largest deal in India.

The target provides back-office services, including transaction processing, for the financial services, retail and healthcare sectors.  The business is expected to generate about $364 million in revenue for 2015.

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