UK firm buys Mastek BPO

By siliconindia   |   Tuesday, 11 November 2003, 20:30 IST
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MUMBAI: UK-based Capita Group Plc is set to acquire 60 per cent stake in Mastek BPO Limited, a wholly-owned subsidiary of software services major- Mastek Limited, to form a joint venture, following which the partnership between two companies entered a new chapter. The acquisition is valued at around Rs 2.14 crore, subject to regulatory approval from the Foreign Investment Promotion Board (FIPB) and the Reserve Bank of India (RBI). The company, to be renamed Capita Mastek BPO Limited, will continue to operate from its current facility in Thane. It will serve as a business process outsourcing (BPO) delivery unit for both Capita and Mastek, focusing on back office transaction processing.