Global business process outsourcing services provider, WNS (Holdings) Limited today said that it is buying its minority joint venture partner Paxys's 35-per cent stake in their joint enterprise WNS Philippines Inc, majority owned by WNS.
Following the acquisition of Paxys' stake, WNS Philippines will become a wholly-owned indirect subsidiary of WNS.
The two companies had originally entered into the joint venture in April 2008 for a four-year term from the commencement of operations in July 2008.
In keepinmg with the tenure, both companies have mutually agreed to terminate the joint venture agreement with effect from 1 November 2011, following WNS's acquisition of Paxys' stake.
Without divulging the financial details of the transaction, WNS said it would pay Praxys at a rate determined in accordance with the formula set out in the original joint venture agreement.
"The Philippines is of strategic importance to us, as part of our global delivery strategy, and we expect to continue to invest in the Philippines as we grow our business," said Keshav Murugesh, Group CEO of WNS.
WNS is a leading global business process outsourcing company with expertise in travel, insurance, banking and financial services, manufacturing, retail and consumer packaged goods, shipping and logistics and healthcare and utilities.
It services its 200 plus global clients through 23 centers globally including Costa Rica, India, Philippines, Romania, Sri Lanka and UK.