Intelenet to invest $11 million in Indian BPO operations

Sufia Tippu
Wednesday, 31 May 2006 12:47

IT Industry - Market

Intelenet Global Services Pvt Ltd, a business process outsourcing (BPO) company jointly owned by India’s leading private sector bank HDFC Ltd and Barclays Bank of the UK, has ramped up its Indian operations by investing US$5.5 million at its facility at the Ascendas IT park in the southern port city of Chennai.

The company will also invest another $5.5 million in a similar facility in the city, Susir Kumar, CEO, Intelenet Global told during a  press conference on  Tuesday.

The company has about 400 employees in Chennai and plans to increase the headcount to 1,000 by the year-end. “By next year-end the company will have about 2,500 employees in the city” he said.

The new centre will focus on banking and financial services.

Intelenet is likely to achieve revenues of $100 million for fiscal ending March 31, 2007 from $65 million in the previous fiscal.

Revenue from Barclays are expected to increase to about 20 per cent of $100 million for 2006-07 compared to around 8 per cent of $65 million during last fiscal.

About 1,000 employees work for Barclays and the number is likely to increase to about 4,000 in the next three years.

 Both HDFC and Barclays have a 50 per cent stake each in the company, which has an equity base of $25 million, he said.

“We are also looking at acquisitions in India, the US and UK in the next few months,” Kumar added.