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US FI invests $5 mn in TWS
August 05, 2005 16:57 IST
Business processing outsourcing company TWS has received an investment of $5 milion from a US-based financial institution.
"The proceeds of the investment will be used for setting up a new centre by the end of the year for focussing on the receivables management vertical and strengthen our global platform," TWS CEO Rakesh Kaul told PTI in Mumbai on Friday.
The financial institution would be offered an undisclosed equity stake in the company in return for the investment.
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The company is doing feasibility study and also working with real estate developers for the new centre but the company has not finalised the details about the investments that would be going into the centre, he added.
The investor would also be extending a $20 million line of credit to TWS for portfolio acquisitions.
"The $2020 million will be used for purchasing portfolios of receivables which are in delinquency," he said.
The company had recently purchased their first credit card portfolio as part of its portfolio acquisition strategy, which includes purchasing the entire loan portfolio of these companies and also recovering them.
It also has a specialised proprietary product 'BOOST', which enhances recovery on delinquent loans.TWS was formed in October 2003 with the merger of Tracmail, Webhelp and Sphrenomics and presently has offices in North America, Canada and a primary offshore facility in Vashi, Navi Mumbai.