Providence, ICICI arm in joint bid for Firstsource

MUMBAI: The country���s largest private equity fund, ICICI Venture, is teaming up with US-based PE fund Providence to put in a joint bid for BPO firm Firstsource Solutions.

ICICI Venture is also wooing Kohlberg Kravis Roberts & Co (KKR), one of the world���s biggest buyout funds, to join the consortium, said a banker.

If the funds eventually join hands to bid for Firstsource, it would be the first time in India that three large PE players come together for an acquisition.

Both Firstsource and I-Venture are promoted by the ICICI group. It���s perceived that any deal could be partly driven by ICICI Bank, the biggest shareholders in Firstsource.

The bank is under pressure to shore up its earnings, and a deal in the next few months would result in higher profits for the December quarter.

Sources said while KKR has shown some interest, it���s yet confirm its participation in the proposed joint bid. The I-Venture spokesperson declined to comment.