CESC acquires stake in BPO service provider Firstsource Solutions
Kolkata: RP Sanjeev Goenka Group on Thursday said it is venturing into the business process operations space with the acquisition of 34.5 percent stake in BPO service provider Firstsource Solutions (FSL).
SpenLiq Pvt Ltd, a wholly-owned subidiary of the Group's CESC Ltd, has entered into an agreement with FSL to "subscribe to 34.5 percent of FSL's expanded share capital".
However, financial details of the deal were not disclosed.
Also, SpenLiq has entered into a separate share purchase agreement with three of FSL's existing shareholders, including ICICI, for purchasing 15 percent of their collective stake in the company.
"Given the current limitations of growth in the power sector, we have been looking at entering the BPO space for a while. FirstSource presents a very good opportunity in high growth BPO verticals and has a very strong management team," CESC Vice-Chairman Sanjiv Goenka said.
The Board of CESC has also decided to make an open offer.
Meanwhile, FirstSource Solutions has informed the BSE that the proceeds from the stake sale would be utilised to redeem the outstanding foreign currency convertible bonds (FCCB) of the company.