Showing posts with label Hinduja. Show all posts
Showing posts with label Hinduja. Show all posts
Monday, March 30, 2009
Hindujas close to acquiring 2 firms
Business process outsourcing company Hinduja Global Solutions (HGSL) is hunting for acquisitions in the UK and the US, despite the global recession and is close to buying two companies, a top official said.“We are very close to acquiring two companies over the next few months, which would be a strategic fit to our existing businesses. These would be contact centres with some amount of voice and data processes,” PaBOtrick David, executive vice- president, global human resources strategy, Hinduja Global Solutions, said without divulging any further details about the acquisition.In 2008, the company’s chief executive officer Partha De Sarkar had said that four companies were short-listed for acquisition and around $110 million cash from internal accruals is earmarked from the purpose. He had also said that a company with revenues of $50 million would be ideal match for HGSL.David added that cash set aside for acquisitions remains the same and the company would be looking at an optimal structure for making the acquisition.Hinduja Global Solutions, part of flagship Hinduja Group, provides outsourcing services in the areas of banking, financial services and insurance, telecom and healthcare. The company employs about 9,500 people in India, which accounts for nearly 65 per cent of its total workforce. Telecom contributes about 80 per cent of the company’s domestic business.On a query on the impact of recession, David said the company has not seen any softening in business from existing clients.
Wednesday, September 5, 2007
Hindujas set to buy Networth Broking
Amas Bank, part of the Hinduja Group, is believed to be buying a majority stake in the Mumbai-based Networth Stock Broking, in a move that will likely pave the way for the group’s entry into India’s broking industry.
The deal would involve a stake sale by the promoters and issue of fresh shares to the Geneva-headquartered bank at roughly Rs 120-125 per share, said a source familiar with the development.
On Tuesday, trading in Networth shares was frozen at the upper-end of the 5% intra-day circuit filter at Rs 90.55. Over the past one week, the stock has gained over 20%, accompanied by a rise in trading volumes.
Amas will make an open offer to the minority shareholders at the same price that has been offered to the promoter group, the source said. Top Networth officials could not be reached for comments. An e-mail query to the broking house also did not elicit a response till the time of going to press.
Promoters and groups affiliated to them held 48.22% in Networth as on June 30. Chairman and managing director Suresh Jain, one of the promoters, holds 43.21%. Mr Jain had hiked his stake to 43.40% in March from 40.87% earlier following the conversion of 3.50 lakh warrants.
Further, many of Networth’s top brass have also been exercising their stock options to increase their stake in the company. Foreign institutions hold 11.2% in the broking house. The deal, which values Networth at roughly Rs 102 crore, would also involve infusion of debt by Amas, according to the source.
The debt infusion will enable the mid-sized broking house expand operations across the country. The brokerage, which has a 154-strong branch networth and offers retail broking, insurance and mutual fund distribution services, has a strong presence in South India.
Though the deal size comes nowhere close to the ones sealed in recent times, it indicates the interest of foreign financial companies to be a part of the fast-growing Indian financial services industry. BNP Paribas, which recently acquired 33% in Geojit Securities, valued the broking house at Rs 620 crore.
Amas, which is registered with the Swiss Federal Banking Commission, provides services including portfolio management, investment banking, structured and trade finance. The buyout of controlling stake in Networth will enable the Hinduja Group expand its financial services business in India. The Hinduja Group is a software-to-automobile-to-banking conglomerate and owns IndusInd Bank and companies like Ashok Leyland and Hinduja TMT.
(source: Economic Times)
The deal would involve a stake sale by the promoters and issue of fresh shares to the Geneva-headquartered bank at roughly Rs 120-125 per share, said a source familiar with the development.
On Tuesday, trading in Networth shares was frozen at the upper-end of the 5% intra-day circuit filter at Rs 90.55. Over the past one week, the stock has gained over 20%, accompanied by a rise in trading volumes.
Amas will make an open offer to the minority shareholders at the same price that has been offered to the promoter group, the source said. Top Networth officials could not be reached for comments. An e-mail query to the broking house also did not elicit a response till the time of going to press.
Promoters and groups affiliated to them held 48.22% in Networth as on June 30. Chairman and managing director Suresh Jain, one of the promoters, holds 43.21%. Mr Jain had hiked his stake to 43.40% in March from 40.87% earlier following the conversion of 3.50 lakh warrants.
Further, many of Networth’s top brass have also been exercising their stock options to increase their stake in the company. Foreign institutions hold 11.2% in the broking house. The deal, which values Networth at roughly Rs 102 crore, would also involve infusion of debt by Amas, according to the source.
The debt infusion will enable the mid-sized broking house expand operations across the country. The brokerage, which has a 154-strong branch networth and offers retail broking, insurance and mutual fund distribution services, has a strong presence in South India.
Though the deal size comes nowhere close to the ones sealed in recent times, it indicates the interest of foreign financial companies to be a part of the fast-growing Indian financial services industry. BNP Paribas, which recently acquired 33% in Geojit Securities, valued the broking house at Rs 620 crore.
Amas, which is registered with the Swiss Federal Banking Commission, provides services including portfolio management, investment banking, structured and trade finance. The buyout of controlling stake in Networth will enable the Hinduja Group expand its financial services business in India. The Hinduja Group is a software-to-automobile-to-banking conglomerate and owns IndusInd Bank and companies like Ashok Leyland and Hinduja TMT.
(source: Economic Times)
Monday, July 9, 2007
Hinduja BPO may offer consultancy, keen on US acquisition
HTMT Global Solutions, the ITES firm of the Hinduja Group, is looking at bringing in consultancy to its portfolio of services and this could preferably be done through an acquisition. The company would be looking at acquiring a mid-sized consulting firm in the US.
The company, which provides both back office and voice services, will be able to move up the value chain with the new service, HTMT Global CEO Partha Sarkar said.
Mr Sarkar said the company will be expanding its presence into tier 2 cities in India. It currently has presence in Mysore, Karnataka and Durgapur in West Bengal and is looking at adding two more locations by the end of this fiscal. It plans to raise the headcount to 12,500 by the end of this fiscal from the current 10,000.
The company is also looking at extending its presence to Latin America in the next fiscal. It has 19 delivery centres across the US, Canada, Mauritius, the Philippines and India. The US and Canada presence was expanded through the acquisition of Affina for $30 million last year.
The company, which has an existing revenue of Rs 585 crore, with reserves of about $115 million, is looking at becoming a $500 million company by 2010 through both organic and inorganic growth route.
(Source: Economic Times)
The company, which provides both back office and voice services, will be able to move up the value chain with the new service, HTMT Global CEO Partha Sarkar said.
Mr Sarkar said the company will be expanding its presence into tier 2 cities in India. It currently has presence in Mysore, Karnataka and Durgapur in West Bengal and is looking at adding two more locations by the end of this fiscal. It plans to raise the headcount to 12,500 by the end of this fiscal from the current 10,000.
The company is also looking at extending its presence to Latin America in the next fiscal. It has 19 delivery centres across the US, Canada, Mauritius, the Philippines and India. The US and Canada presence was expanded through the acquisition of Affina for $30 million last year.
The company, which has an existing revenue of Rs 585 crore, with reserves of about $115 million, is looking at becoming a $500 million company by 2010 through both organic and inorganic growth route.
(Source: Economic Times)
Subscribe to:
Posts (Atom)
