Financial Daily from THE HINDU group of publications
Tuesday, Nov 11, 2003
Financial Daily from THE HINDU group of publications Tuesday, Nov 11, 2003 |
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Info-Tech
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Mergers & Acquisitions Capita buys 60 pc stake in Mastek BPO arm Our Bureau
Mumbai , Nov. 10 UK professional support services firm Capita Group Plc has acquired a 60-per cent stake of Mastek Ltd's wholly owned BPO subsidiary to form a joint venture. The company would be renamed Capita Mastek BPO Ltd, and is expected to service the Indian software firm's international clients and Capita's UK-based customer base of financial services companies. "Mastek and Capita have enjoyed a strong partnership for eight years and this development is a natural evolution of our relationship," Mr Ashank Desai, Chairman, Mastek Ltd, was quoted as saying in a company release. "Several clients of Capita were interested in taking advantage of the offshoring benefits that an Indian BPO has to offer. We have several prospective clients showing interest and the joint venture is also looking at gaining new business from across the private sector," added a Mastek spokesperson. Capita's acquisition of 60 per cent of share capital of Mastek BPO Ltd is valued at Rs 2.14 crore and is subject to regulatory approval from the Foreign Investment Promotion Board and the Reserve Bank of India, the company release said. The Indian software service provider had earlier announced a proposed authorised share capital of Rs 10 crore when the BPO arm was launched in May this year. The company will continue to operate from its current facility in Thane. As of now, the BPO outfit has 100 processing positions and with "the formation of the joint venture, we will scale it up incrementally as it goes along," said the Mastek spokesperson. The joint venture would have a management structure comprising three directors from Capita and two directors from Mastek as part of the BPO venture's board. Incidentally, Mastek is Capita's exclusive BPO partner in India.
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