Apax Partners will buy the software business of IT services company 3i Infotech for Rs 1000 cr,  possibly the first PE buyout of an Indian software firm. The software business that generates $60 mn in revenues will be carved out of the firm through a business transfer agreement, while it will continue to own the IT services business that generates $100 mn of business,  The deal will help pay out the Rs 800 cr debt of 3i Infotech.

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