Essar Group's BPO arm Aegis to buy TeleTech India
Our Corporate Bureau
15 November 2007
According to CNBC-TV18, which reported on the deal, based on information from sources, TeleTech India is reported to have two centres in Gurgaon and 3,000 plus employees. Aegis employs 9,000 people in India and the US, with revenues of $150 million.
There was no confirmation from Bharti and TeleTech.
It is learnt from sources that Essar Group's Aegis Communication had already bought out the entire stake.
TeleTech US is a global BPO based in the US. It has a 60 per cent stake in the joint venture, with the remaining 40 per cent owned by Bharti Enterprises.
In 2003, when the joint venture was formed, it started off with 3,000 people, which the company has not been able to ramp up. There are also reports of several management changes, which could not be confirmed from sources.
The deal value is not clearly known, though Reuters had reported the value as being $13 million. But what is learnt is that this BPO was not doing very well, nor were its values anything to talk of. Moreover, the annual report of TeleTech US reveals that the entire tax consolidate that this Indian BPO had was due to expire in 2009.
TeleTech had also booked combined impairment charges and asset depreciation charges for its India and Philippines BPO.