Blackstone Group has presented a scheming stake in Indian IT outsourcing services provider Mphasis Ltd. for as much as 82.6 billion as demand for cloud computing surges amid the pandemic.

Funds managed by the classified equity firm have teamed up with enduring investors including Abu Dhabi Investment Authority and UC Investments to take a majority stake in Mphasis, the private equity firm said in a statement on Monday. That agreement triggered an open offer for an additional 26 percent stake in the Indian firm at 1,677.16 rupees apiece, or a 1.1 percent discount to the closing share price on Friday. The stock gained more than 5 percent in Mumbai after the offer.

Blackstone’s move to enlarge its venture in Mphasis is in sync with the U.S. asset manager’s plans to enhance speculation in the South Asian nation. India is the strongest performer in the world for Blackstone and the firm intends to continue deploying large investments in the nation, Blackstone Chief Executive Officer and co-founder Stephen Schwarzman said during his visit to Mumbai in 2020.

“This investment enables us to continue creating value for the long term and provide additional resources to further accelerate the company’s growth momentum,” Amit Dixit, head of India for Blackstone private equity.

Mphasis specializes in providing cloud and digital solutions and serves 35 of the top 50 U.S. banking, financial services, and insurance firms, according to the statement.

The open offer was triggered after Blackstone Capital Partners VI fund agreed to sell its 55.31 percent stake in Mphasis to an entity under Blackstone Capital Partners VIII and Blackstone Capital Partners Asia funds, according to a stock exchange filing. Blackstone is committing up to $2.8 billion for the controlling stake, according to the firm’s statement.