Processing .....please wait.. 
The article has been forwarded.... 
Hinduja TMT buys Manila co for $4 million
By siliconindia staff writer
|
Friday, 31 October 2003, 20:30 IST
MUMBAI: Hinduja TMT (HTMT), the business process outsourcing and call centre firm of the Hinduja group, on Thursday said it had acquired a controlling stake and management control in c3, a Manila-based call centre firm belonging to Universal Vision Corporation (UVC) for $3.9m.
HTMT shares a strategic alliance for marketing offshore call centre services from US with UVC. During July 03 UVC acquired 100% ownership in c3 from Benpres Holding Corporation (BHC). The purchase consideration which HTMT would pay for acquiring c3 is based on a valuation which is less than one-time projected turnover for the current year, the company said.
To ensure the continuity of management, CEO Jose Xavier B Gonsales has been associated as a local partner in c3 with 20% stake which would be held through an overseas Offshore Holding Company (Holdco).
UVC has given HTMT an option to buy up to 51% of its stake in Holdco, subject to HTMT entering into suitable shareholders agreement.
By exercising this option, HTMT would be able to acquire majority stake and management control on c3. The Manila firm would become a subsidiary of HTMT and its financial results would be consolidated with those of HTMT, the company said.