Kapil Puri to sell off Sparsh stake

Kapil Puri, original promoter of Sparsh BPO, now owned by Blackstone controlled Intelenet, has decided to sell his residual stake of 12%.

Intelenet is awaiting regulatory approvals for the buyback. Puri intends to offer it all to intelenet, but incase of a spillover, will selloff to outsiders.

The sell off comes as he heads to develop Spanco's new BPO business after the may2007 no compete agreement has expired. Spanco's new BPO has already clocked Rs.35 Cr. of revenue

Intelenet, itself, has undergone a key change after buying out Sparsh. It went through a management buyout backed by PE firm Blackstone, which now owns 80% stake in the company

Reports ET

Intelenet: Blackstones first management buyout in India

Private equity heavyweight Blackstone Group agreed to buy Indian back-office firm Intelenet Global Services Ltd. for an undisclosed sum, its first management buyout in India, reported Business Standard.

U.S.-based Blackstone, which along with rival Carlyle has been grappling with stiff resistance from Indian companies unwilling to sell out, will own 80 percent of Intelenet, with the back office firm's management holding the remainder.


Under the deal, a joint venture comprising HDFC Bank and Barclays Bank will sell its Intelenet stake to SKR Business Process Outsourcing Services, a company co-owned by Blackstone GVP Capital and Intelenet’s management. Although financial terms of the deal were not disclosed, industry Business Standard sources pegged the sale figure at around $420 million.


Intelenet’s management team will continue to be in charge of operations, with current Chief Executive Susir Kumar at the helm. Also, Intelenet will continue to provide services to Barclays in relation to certain processes currently offshored to India.


Intelenet started out in 1994 as a 50:50 joint venture between Tata Consultancy Services (TCS) and HDFC. In 2004, TCS sold its stake to HDFC for Rs 161 crore when it decided to focus on its own business process outsourcing (BPO) business. Subsequently, HDFC sold 50% to the UK-based Barclays, which was looking to outsource back-office processes to India.

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Fujitsu in talks to buy out Intelenet Global Services, eyes acquisitions in the IT space

Fujitsu in talks to buy out Intelenet Global Services, eyes acquisitions in the IT space

Fujitsu, Japan's largest IT services company is in advanced stages of talks to buy out Intelenet Global Services, a Mumbai-based BPO. Intelenet is a joint venture between Barclays Bank of UK and HDFC. HDFC and Barclays each hold 50% in the venture. Fujitsu is reported to be in talks to buy out Barclays' stake and subsequently may also acquire HDFC's stake.

Currently, Fujitsu has a presence in India through two companies, Rapidigm, a 100% subsidiary, and Zensar Technologies, a joint venture company with the RPG group. Fujitsu acquired Rapidigm, a US-based BPO firm with operations in India, in February 2006.

Fujitsu does not have management control in Zensar and is thus also looking at acquisitions in IT services. Fujitsu is under pressure to build its presence in the fast growing Indian market.

For more, read The Economic Times article.