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Mar 16, 2011, 07.00 PM IST
CNBC-TV18 had reported earlier that NASDAQ-listed BPO firm EXL Services was on the block. CNBC-TV18's Kritika Saxena now learns that big boy HCL Tech has sent an expression of interest to acquire stake.
CNBC-TV18 had reported earlier that NASDAQ-listed BPO firm EXL Services was on the block. CNBC-TV18's Kritika Saxena now learns that big boy HCL Tech has sent an expression of interest to evaluate the acquisition of 50% stake in EXL Services.
It was earlier reported that large-scale investors like Oak Hill (holds 36.5%), BlackRock (holds 11.3%) and Vikram Talwar (the executive chairman in the company and holds 2.8%) were looking at exiting EXLS. Sources say that the three investors are in the evaluation stage and are chalking out EXLS’ valuations which are seen at USD 533 million. What's in it for HCL Tech? The company has been seeing a little amount of challenges in the BPO space; they haven’t been able to breakeven for quite some time. In fact, during the third quarter results, vice chairman and chief executive officer Vineet Nayar had said that they would be looking at acquiring a BPO firm and that they were evaluating a couple of companies. So the EoI could be to evaluate and see if this makes sense for the company.
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