WestBridge Capital, Temasek To Fund ICICI OneSource Expansion

Mumbai | Updated: Aug 19 2004, 05:30am hrs
BPO company ICICI OneSource Ltd has announced that it has signed definitive agreements with Temasek Holdings of Singapore and WestBridge Capital for raising fresh capital to fund its growth. This is Temaseks first investment in the Indian BPO industry.

The figures related to investment and the concerned valuations could not be ascertained at this stage.

In a company statement, ICICI OneSource managing director and CEO Ananda Mukerji said, We are pleased to welcome Temasek Holdings 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.

He added that WestBridge Capital Partners has demonstrated their continued confidence in the company by participating in this investment round.

Temasek Holdings Advisors India managing director Manish Kejriwal, said, We believe that India has a significant advantage in being able to provide good quality services at competitive prices. 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.

According to WestBridge Capital Partners managing director KP Balaraj, ICICI OneSource is a market leader in the BPO space, and is positioned to become a sector leader globally. BPO has the potential to replicate the wealth creation of the IT services sector in India.