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Barclays Plc has paid Rs 164 crore ($35 million) for the 50 per cent stake of HDFC in Intelenet Global Services Ltd. HDFC and Barclays also entered into an alliance whereby more jobs will be undertaken at the BPO arm.

In July 2004, TCS offloaded its stake in the BPO joint venture - Intelenet Global Service Ltd (IGSL) - to HDFC for a consideration of Rs 161 crore. TCS's strategy is to focus on BPO activities that revolves around transaction and domain processing.

Intelenet was set up by HDFC and TCS in June 2000 with a 50-50 equity and provides BPO services including voice, back office and accounting processes to 18 clients operating in the banking, insurance, telecom, retail and hospitality industry.

Last financial year, Intelenet earned Rs 117 crore in revenue, with a net profit of Rs 10.8 crore. With Intelenet expected to become the preferred vendor for Barclays, the BPO’s financials are expected to improve in future.

.... South and Southeast Asian Corporate Report Card
.... Asian Development Outlook 2004
.... Banking Sector Reforms in Asia

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