Barclays Bank and Housing Development Finance
Corporation (HDFC) are selling their Indian business
process outsourcing unit, but the bank now plans to set up a new
BPO business in India.
They are selling their joint shareholding in
Intelenet Global Services to SKR BPO Services, a management
buyout vehicle.
SKR is jointly owned by the management of Intelenet and private
equity investor Blackstone GVP Capital Partners Mauritius V-B.
Intelenet provides business processing services to a variety of
local and international customers. It is a 50/50 joint venture
between Barclays and HDFC which was established in 2004. It has
gross assets of £56.3m.
Following the sale, Intelenet will continue to provide Indian
offshore services to Barclays. Intelenet has also agreed to assist
Barclays in establishing a wholly owned BPO operation in India,
which will serve Barclays’ incremental offshoring requirements
going forward, said Barclays.
David Skillen, global operations principal at Barclays, said,
“We look forward to working with [the Intelenet management] to
establish our BPO operation in India and in the continued provision
of services to Barclays.”
The value of the sale has not been disclosed by Barclays.
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