HDFC & Barclays to sell interest in Intelenet

Housing Development Finance Corporation Ltd (HDFC) has announced that Barclays Bank PLC ("Barclays") and the Company have to announce that they have agreed to sell their entire shareholding in Intelenet Global Services Pvt Ltd ("Intelenet"), an India-based business process outsourcing ("BPO") operation, to SKR BPO Services Ltd ("SKR"). SKR is jointly owned by the management of Intelenet and Blackstone GVP Capital Partners Mauritius V-B Ltd, a member of the Blackstone Capital Partners group, a leading global private equity investor.

Intelenet provides business processing services to a variety of local and international customers. Intelenet is a 50/50 joint venture between Barclays and the Company which was established in 2004. It has gross assets of US$ 107 million.

Following the conclusion of the transaction, Intelenet will continue to provide services to Barclays in relation to certain processes currently offshored to India. 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.

Renu S Kamad, Executive Director, of the Company said: "HDFC launched Intelenet at a time when the BPO sector was developing rapidly. We are happy to have been associated with Intelenet in its journey towards growth and leadership in the BPO industry. The BPO business today needs more focus and we believe that the new arrangement would provide the right impetus. We see the development as a win-win for all of us. We wish the management of lntelenet all success."

Source : Equity Bulls

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