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Hewitt to take 40% in India Life

Global management consulting and service firm Hewitt Associates will take a 40 per cent stake in India's largest payroll and pension services firm, India Life Pension Services Ltd, the Indian firm said on Thursday.

"Under the agreement, Hewitt will transfer its India-based pension and payroll operations to India Life, which will be renamed India Life Hewitt Ltd, and become a strategic investor in the combined operation with approximately 40 per cent ownership," Bangalore-based, privately-held India Life said in a statement.

Hewitt would continue to provide consulting services in India under its own name, it said.

The combined operation of India Life Hewitt would cover more than 240 clients, including giants like consumer goods firm Procter and Gamble and computer maker International Business Machines.

Three-year-old India Life has been a leading player among young companies moving to serve a global market by offering back-office services out of India.

The company said Hewitt would help the firm expand business to serve clients in the Asia Pacific region.

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