Temasek to invest about $35 M in ICICI OneSource

By SiliconIndia   |   Thursday, 19 August 2004, 07:00 Hrs
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MUMBAI: Singapore's state investment agency Temasek Holdings is investing about $35 million for a stake in Indian back-office services company ICICI OneSource.

Ananda Mukerji, Managing Director and CEO, ICICI OneSource said, "We are pleased to welcome Temasek Holdings, an experienced, high-quality investor as a shareholder in the company. Temasek, which has helped create successful regional companies, will add significant value to ICICI OneSource and will help us enter the Asia-Pacific market. We are also pleased that WestBridge Capital Partners has demonstrated their continued confidence in the company by participating in this investment round. This round of capital raised positions us strongly to execute our ambitious growth plans."

Manish Kejriwal, Managing Director, Temasek Holdings Advisors India said, " We believe that India has a significant advantage in being able to provide good quality services at competitive prices. We are optimistic on this investment theme and we view ICICI One-Source as a company that has huge potential in this respect. It has a top-notch management team and a high quality professional board. In addition to being financial investors, we believe we can add strategic value and derive synergies with many of our portfolio companies in Singapore and in the region."

KP Balaraj, Managing Director, WestBridge Capital Partners said, "We have a high degree of confidence in the leadership ability of CEO Ananda Mukerji and his management team at ICICI OneSource. I-OneSource is a clear market leader in the BPO space, and is very well positioned to become a sector leader globally. BPO has the potential to replicate the wealth creation of the IT Services sector in India, and we are very excited to continue to partner and support I-OneSource in their growth plans."

ICICI OneSource, ended financial year 2003-2004 with revenues of US $42 million recording 134% year-on-year revenue growth making it one of the fastest growing BPO companies in India. The company has adopted a strategy of strong organic growth complimented by a judicious and focused acquisition strategy to enhance capabilities and reach.

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