The Hindu Business Line : Gecis completes stake sale plan

GECIS, which provides business process services, on Friday announced that the agreement among its key shareholders General Electric, General Atlantic Partners and Oak Hill Capital Partners has been completed, with GAP and Oak Hill taking a majority interest in the BPO company.

"In accordance with the terms of the definitive agreement announced November 8, 2004, General Atlantic and Oak Hill each acquired a 30 per cent stake in Gecis, with GE retaining a 40 per cent stake," a company release said here.

Gecis has outlined ambitious growth plans in Europe, Asia and the Americas as it begins to accept contracts from multinationals beyond GE, it said. Several new external contracts signed in the fourth quarter contributed to increased hiring in several locations, including Kolkata, where Gecis has just opened a new office, it added.

The company is eyeing a 25 per cent increase in revenues for 2005. According to Mr Pramod Bhasin, President and Chief Executive officer of Gecis, the company is now in a position to unleash its full potential in pursuit of external business.

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