Elliott has been increasing its investment in DNP for the past few months and now holds a stake little below 5% worth $300 million, making it the conglomerate's third-largest external shareholder, the report said, citing people familiar with the matter.

Elliott has invested in several technology-focused companies, including a multi-billion dollar investment in software firm Salesforce on Monday.

DNP, which confirmed Elliott's investment to FT, said no one was immediately available for comment when contacted by Reuters. Elliott did not immediately respond to request for comment.

(Reporting by Jyoti Narayan in Bengaluru; Editing by Dhanya Ann Thoppil)