Indian staffing firm Quess Corp Ltd is set to buy out Tata Sons (the principal holding company of the Tata Group) from its BPO unit Conneqt Business Solutions, according to VCCircle.

Tata Sons is exercising its put option on the stake, Quess said in a stock-exchange filing. According to Investing.com and Reuters, Tata Sons requested Quess buy 44.8 million put shares with the company and a decision is expected in due course.

Conneqt Business Solutions Ltd, previously known as Tata Business Support Services Ltd, was acquired by Quess in November 2017, with the company picking up a 51% stake in the unit for INR 1.53 billion (USD 23.5 million).

Per VCCircle calculations based on the price paid for the majority stake acquisition, Quess will provide around INR 1.5 billion (USD 20.5 million) for this deal.

Besides customer lifecycle management and business process management services, Conneqt also provides finance and accounting, HR shared services, and middle and back office services.