(Bloomberg) -- NTT Ltd. is considering a sale of its controlling stake in consulting and IT services firm Nihilent Ltd., according to people familiar with the matter.

The unit of Japanese telecommunication giant NTT Corp. is working with an adviser to find a buyer for its holdings of about 69.2% in the Pune, India-based company, the people said. NTT is seeking a valuation of about 25 billion rupees ($314 million) for Nihilent, one of the people said.

NTT holds Nihilent’s stake through its investment firm Hatch Investments Mauritius Ltd., according to filings.

Considerations are at early stage and NTT could decide to keep the assets in the end, the people said. A representative for NTT declined to comment.

Founded in 2000, Nihilent offers consulting services and IT solutions to customers in the banking, media, retail, health-care and manufacturing industries, its website shows. It has a presence in Australia, India, South Africa, the UK, the US and Sweden. It partners with companies including Microsoft Corp., SAP SE, Alphabet Inc.’s Google and Snowflake Inc.

NTT became Nihilent’s biggest shareholder in 2017 when it bought a 34.6% stake from Adcorp Workforce Management Solutions, which used to jointly own Hatch Investments with the Japanese firm. 

In 2018, Nihilent filed a prospectus with India’s market regulator for an initial public offering, which could have raised about 2.5 billion rupees through selling new shares.

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