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Indian Rayon buys BPO firm TransWorks for $13 million
June 20, 2003 19:00 IST
Indian Rayon, an Aditya Birla Group company, on Friday announced its entry into the business process outsourcing sector with the acquisition of TransWorks, a leading Indian ITES/BPO company, for about $13 million.
"The acquisition will synergise, support and leverage Indian Rayon's existing thrust in the IT services sector in particular, and the services sector in general," a company release said in Kolkata, quoting Aditya Birla Group Chairman Kumar Mangalam Birla.
"We are excited by the potential of the BPO sector and very pleased to have TransWorks joining the group," Birla said.
TransWorks, which has delivery centres in Mumbai and Bangalore, was the world's first COPC (Release 3.2) certified company. It has off shoring contracts with well-known businesses in North America and the UK, including several Fortune 100 clients.
Funded by venture capital firm ChrysCapital, TransWorks has a current revenue run rate close to $1 million per month and employs about 1,000 professionals.
The Aditya Birla Group director Sanjeev Aga emphasised the company's resolve to create a large, healthy BPO business over the next five years following the acquisition.
"Our aspiration is three-fold: to become a leading BPO player, to provide superior returns to shareholders and to add true value to clients through superior, distinctive, and dependable services," Aga said.