Sources close to the development said the agreement between one of the private equity partners and the Patni brothers, who jointly hold 29 per cent stake, is expected to be signed next month.
However, the Carlyle-Advent consortium could revise its bid upwards, said two independent sources tracking the deal.
Gitanjali Gems plans to hive off various businesses.
Falling equity markets have trapped major private equity investors such as Warburg Pincus, Blackstone Group, Carlyle, Apax Partners, Chrys Capital and Citigroup.
US-listed iGate's open offer for buying a little over 20 per cent stake in Indian IT company Patni Computer Systems will begin on April 8 and close on April 27.
Bankers said the outlook of M&As in India in 2024, especially in the second half after the Lok Sabha election, seems relatively better.
MindSquare Technologies is a group company of 1neoteric Technology.
So far this year, there have been 76 private equity investments in India
Global private equity (PE) major Carlyle is in talks with renowned cardiac surgeon Dr Naresh Trehan to acquire a minority stake in his Gurgaon-based multi-super speciality hospital, Medanta -The Medicity.
While 2017 was a record year for private equity investments in India after $23.5 billion in 660 deals, 2018 too has begun with a bang.
Buying Yahoo's assets would expand DailyMail.com's reach and improve its digital ad rev
In terms of the number of deals, there has been a decline of 13 per cent
People move from investment banking to growth equity or from venture capital to growth equity or entrepreneurship, depending on what's attractive at different points of life.
In one of the biggest deals in the outsourced product development (OPD) market, audio and infotainment systems maker Harman International Industries will buy Indian-born serial entrepreneur Romesh Wadhwani's Symphony Teleca for $780 million (about Rs 4,800 crore at Friday's exchange rate of 61.4).
Deal to bolster firm's position in healthcare IT.
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