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UK co to buy 60% stake in Mastek BPO
November 10, 2003 19:59 IST
The United Kingdom-based support services firm Capita Group Plc will acquire 60 per cent stake in Mastek BPO Ltd, a wholly-owned subsidiary of Indian application software major Mastek Ltd, for Rs 2.14 crore (Rs 21.4 million).
The acquisition is under a new business process outsourcing joint venture formed between the two firms, which is an extension of an earlier pact signed in 1995, Mastek Ltd said in a release in Mumbai on Monday.
Mastek BPO would be renamed as Capita Mastek BPO Ltd and continue to operate from its Thane office, it said, adding, the new company would function as a BPO delivery unit for both Capita and Mastek, focusing on back-office transaction processing.
However, the acquisition is subject to regulatory approvals from the Foreign Investment Promotion Board and Reserve Bank of India, it said.