The Blackstone Group is set to acquire a 26% stake in Mphasis, an IT services company based in Bangalore, India, for $1.1bn. "We are gratified to continue our partnership with Blackstone, both as a leading investor as well as our client. We believe Blackstone’s sustained strategic partnership will help the company accelerate its growth and scale new heights. Sovereign and pension funds co-investing is a testimony of long-term commitment and a vote of confidence of a marquee set of shareholders," Nitin Rakesh, Mphasis CEO.