Tata Consultancy Services, India's largest IT company, sold 50 per cent stake in Intelenet Global Services Ltd to Housing Development Finance Corporation Ltd for Rs 161 crore (Rs 1.61 billion). This was announced by Tata Group chairman Ratan Tata in a function in Mumbai.
The HDFC board on Wednesday decided to acquire the 50 per cent shareholding in Intelenet, an equal JV set up with TCS to manage the business process outsourcing services.
With this acquisition, Intelenet would become a 100 per cent subsidiary of HDFC.
HDFC chairman Deepak Parekh on July 19 had said the JV currently has 15 clients.
Intelenet offers call centre services, back office operations and e-mail management and also provides financial accounting and technical helpdesk services to its clients.
The company has three centres of operations in Navi Mumbai, Mumbai and Chennai and has a workforce of 2959.
In FY-04, the JV reported a total income of Rs 117.21 crore (Rs 1.17 billion) compared to Rs 21.75 crore (Rs 217 million) in FY-03.
