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Genpact signs outsourcing pact with Wachovia Corp

Our Bureau

The two companies would work together to evaluate various processes over the next several months, with the expectation that some work would transition in the second quarter of 2006.

New Delhi , Dec. 2

GENPACT (formerly GE Capital International Services), a pioneer in global outsourcing space, and Wachovia Corporation, a provider of financial services in the US, have signed an agreement under which Genpact would establish an offshore operation to support the latter's business process outsourcing efforts.

"The seven-year arrangement will provide Wachovia access to Genpact's global operations and initially would be located in India," a joint statement said here.

According to Mr Peter Sidebottom, Director of Corporate Development and Strategic Initiatives at Wachovia Corporation, establishing presence in India with Genpact would improve productivity for the company and enable it to explore overseas growth opportunities.

"This agreement enables Wachovia to continue to deliver superior products and services to our customers, while also reducing costs. Every initiative we pursue will include detailed assessments to ensure that we partner with Genpact to deliver an industry-leading customer experience at a great value," he said.

The two companies would work together to evaluate various processes over the next several months, with the expectation that some work would transition in the second quarter of 2006.

Genpact, which provides outsourcing and offshoring services to global 500 companies including

GE, has operations in several countries, including India, China, Mexico, the US, Hungary and Romania.

As a result of this agreement, Wachovia and Genpact would, over time, invest in dedicated resources and facilities at Genpact.

The announcement is being billed as a significant business win for Genpact and comes in quick succession to receiving orders worth $500 million, including renewals, from over a dozen new customers, since January 1, 2005, when Genpact first started to accept orders from global enterprises other than GE.

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