Winds of change at Mphasis: A company battling for survival

In 2008, American hardware giant Hewlett Packard (HP) gave Indian Information Technology (IT) giant Mphasis a fresh lease of life. Not only did it pick up a stake in Mphasis, HP signed a 7-year, multi-million dollar IT contract. However, things have not been doing too well for the IT sector and the outlook has been bleak. While the contract has been extended for another three years, HP is renewing efforts to monetise its stake in Mphasis.CNBC-TV18's Kritika Saxena and Arundathi Ramanan report that Mphasis is focusing on streamlining its strategy to tide over both a new investor, and the tough times ahead.Watch video for more