BPO Blues: Barclays, HDFC sell Intelenet stake

LONDON: Barclays Bank PLC and Housing Development Finance Corporation Ltd. said on Monday that they agreed to sell their stakes in Intelenet Global Services Pvt Ltd. of India in a management buyout.

Financial terms of the deal were not disclosed. Barclays and HDFC, who launched the 50-50 joint venture in 2004, are selling to SKR BPO Services Ltd., a management team backed by Blackstone GVP Capital Partners Mauritius V-B Ltd., a member of the Blackstone Capital Partners group.

Intelenet has assets of $107 million (euro 80 million) and is based in Mumbai.

Intelenet will continue to provide services to Barclays, the companies said.