Tax Issues May Delay iGate-Patni Deal

A deal for a controlling stake in India’s Patni Computer could be delayed by one more week with some last-minute tax issues holding up a share purchase agreement between the company’s founders and U.S. firm iGate, the Economic Times reported, citing unnamed sources.

The tax issues relate to Chairman Narendra Patni’s holdings in Patni Computer that are held through U.S. firm Isolutions, the newspaper said without elaborating what the issues were. A source with direct knowledge had told Reuters on Monday iGate’s deal with Apax Partners for acquiring a majority stake in Patni Computer was still on the table but had been delayed due to procedural issues.