The Indian Economic Times (ET) has reported that the sale of Serco India BPO has hit a “stumbling block”, with private equity firms involved in the bidding process dropping out due to the price being too high.

However, sources close to the ET have suggested that Blackstone Group, a frontrunner in the race to buy Serco India for months now, is still interested in acquiring the company.

Serco India was put up for sale late last year along with the rest of Serco’s BPO portfolio, in order to help fill a £1.5 billion hole in the Group’s balance sheet.