As the race to acquire Serco India gets ever closer to finishing, $46 billion global private equity firm CVC Capital Partners has thrown its hat into the ring.

CVC is now competing with Blackstone Group for the acquisition; Blackstone originally sold the unit, formerly known as Intelenet, to Serco for $634 million in 2011, and now the company wants it back.

According to the Time of India, Spi Global, seen as a favourite to acquire Serco India just a few weeks ago, is no longer a prime contender.

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Related: The Race to Acquire Serco India Nears the End