Hinduja buys Manila BPO firm

MUMBAI: The BPO arm of the Indian business house Hinduja Group, Hinduja TMT Ltd (HTMT) will be acquiring the controlling interest and management control in c3, an offshore call center in Manila, Philippines against a purchase consideration of $3.9 million. The company’s board has authorized S Solomon Raj, Vice Chairman, to take action as deemed necessary to obtain requisite statutory approvals and complete the documentation formalities in this regard.

Universal Vision Corporation (UVC), with whom HTMT has strategic alliance for marketing Offshore Call Center business from USA, had in July 2003 acquired 100 percent ownership in c3 from Benpres Holding Corporation, (BHC) Manila. With a view to ensuring continuity of management of c3, Jose Xavier B Gonzales, the CEO of c3 has been associated as a local partner in c3 with 20 percent stake, which would be held through an overseas offshore holding company (Holdco).

UVC has provided HTMT an option to acquire upto 51 percent of its stake in Holdco, subject to HTMT entering a suitable agreement with the other shareholders. By exercising the option, HTMT would be able to acquire majority controlling interest and management control on c3. c3 will become a subsidiary of HTMT and its financial results would be consolidated with those of HTMT.

As of now, c3 is operating approximately 500 call center seats. It has been in operation since June 2001 and has adequate infrastructure facilities to ramp up its seating capacity from 500 seats to 930 seats in a short span of time. c3 holds 42.5 percent stake in SOCA, a JV company formed with Source One, USA, for servicing US clients procured by the JV partner.

(CNS)