Baring Private Equity has been in talks with investors of Hexaware Techonologies Ltd. (HEXW), an Indian software company, reliable sources revealed to Reuters. Hexaware provides outsourcing services for corporate customers.

The buyout company is looking to the acquisition of shares from investors including U.S. Private equity firm General Atlantic LLC and the family of Hexaware pioneer Atul Nishar. The sources refused to name to go public as the negotiations were done privately.

The Nishar family is said to control 27.9 percent of all the shares of Hexaware, according to a filing revealed by Mumbai-based company's website, Navi. US-based General Atlantic, which acquired 15 percent of the Indian software in 2006 for INR3 billion, or USD47 million, expressed its intentions in acquiring options for the stakes. 

Any transactions for the acquisition of the Indian software Hexaware may still fall through according to the same sources. Times of India have reported that Baring should buy stakes of General Atlantic and the Nishar Family, and start a tender offer for an additional 26% of Hexaware that can amount to USD400 million.