At present, TCS has close to 500 people in the back-end activities across all its software development centres.
Over a period of time all the business process outsourcing (BPO) activities will be consolidated under one umbrella and would be shifted to Intelenet over the next couple of years. As a result TCS will increase its stake in the JV by 5 per cent, Intelenet Global Service chief marketing officer Sandeep Mehta told eFE.
The valuation of the company (Intelenet) and the amount to be paid to HDFC for the acquisition of the additional 5 per cent by TCS has not been worked out yet, according to Mr Mehta.
When contacted, the TCS spokesperson said, At this point of time, we have not taken any decision on increasing the stake in Intelenet. Concerned officials at HDFC were unavailable for comments.
Intelenet has over 1,000 employees across its centres, one each in Mumbai and Chennai. It is in the process of setting up its third centre in Mumbai itself.
Further, as reported by eFE earlier, the company is planning to set up its fourth centre in South India.
Our third centre with 2000 seats will be up and running next month in Mumbai, he said. The company is looking at a total employee strength of 2,500 people by 2004.
The focus right now is on new but few clients with large deals. We have even received large deals running in thousands of seats from our two new clients, Mr Mehta said.
TCS and HDFC hold 50 stake each in Intelenet and the latter offers assistance to Intelenet in terms of financial expertise in back-end processes like custody operations.
Household Financials and Standard Life Public are two of Intelenets dozen customers, according to earlier newspaper reports.
Its clients are spread across the US and UK, with seven of them from the US and five from UK.