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Blackstone & CMS for a New Unit

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By CXOtoday Staff, Dec 01, 2008 1906 hrs IST
Tags : Blackstone CMS, IT infrastructure management and outsourced business services, Akhil Gupta, Rajiv Kaul, Ramesh Grover
Blackstone has signed a partnership deal with CMS to carve out its IT infrastructure management and outsourced business services divisions comprising card solutions, transaction printing solutions and ATM cash management.

Blackstone, that will own a majority stake in the JV, will float a new company for this. The promoters of CMS, the Grover family, will hold a minority stake in the new company, said Blackstone in a release.

Ramesh Grover, chairman, CMS Group, said, "Having brought CMS Group to the current level, we realised that enhanced level of corporate governance through professional management together with private equity participation is critical to take CMS to the next level."

The new company has entered into an agreement with Rajiv Kaul, ex-CEO of Microsoft India, to be the executive vice chairman and CEO of the new company.

Akhil Gupta, chairman and senior managing director, Blackstone Advisors India, said, "Rajiv brings with him a wealth of experience to lead CMS in the next phase of growth."

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