ICICI Bank, US technology group Metavante and Singapore state investor Temasek have revived plans to sell their stakes in Indian BPO venture Firstsource, according to Reuters.
Mumbai-based Firstsource was originally set up by ICICI Bank to support its back office operations, and has since diversified into the medical and telecomms sector. It listed in 2007 at Rs64 a share, valuing the business at about $650m.
Last September the Financial Times reported that Metavante - since acquired by Fidelity National Information Services - had appointed Goldman Sachs to find a buyer for its 20% stake in the company and claimed ICICI Bank (which had 27%) and Singapore's Temasek (21%) could follow suit.
No deal was struck but citing sources, Reuters says the three have now hired Citi to arrange a deal valued at $285 million at the current market price.
However, India's Business Standard says ICICI is looking to reduce its stake in the BPO venture in a phased manner. The bank's CEO and managing director, Chanda Kochhar, told the paper that ICICI has to reduce its stake under US Fed guidelines but says "there are no specific steps we are contemplating right now".
ICICI, Temasek revive Firstsource stake sale-sources - Reuters
India Eco Summit: ICICI to reduce stake in Firstsource - Business Standard