Hinduja TMT acquires call center in Manila

The Board of Directors of Hinduja TMT Ltd (HTMT) has approved the acquisition of controlling interest and management control in c3, an offshore call center in Manila, Philippines against a purchase consideration of $3.9 million. The Board has authorized S Solomon Raj, Vice Chairman, to take such action as deemed necessary to obtain requisite statutory approvals and com-plete the documentation formalities in this regard.

Universal Vision Corporation (UVC), with whom HTMT has strategic alliance for marketing Offshore Call Center business from USA, had in July 2003 acquired 100 percent owner-ship in c3 from Benpres Holding Corporation, (BHC) Manila. With a view to ensuring continuity of management of c3, Jose Xavier B Gonzales, CEO, c3 has been associated as a local partner in c3 with 20 percent stake, which would be held through an overseas offshore holding company
(Holdco).

UVC has provided HTMT an option to acquire upto 51 percent of its stake in Holdco, subject to HTMT entering into suitable shareholders agree-ment with the other share-holders. By exercising the option, HTMT would be able to acquire majority controlling interest and management con-trol on c3. c3 will become a sub-sidiary of HTMT and its fina-ncial results would be consoli-dated with those of
HTMT.

c3 is operating, as of date, approximately 500 call center seats. It has been in operation since June 2001 and has adequ-ate infrastructure facilities to ramp up its seating capacity from 500 seats to 930 seats in a short span of time. c3 holds 42.5 percent stake in SOCA, a JV company formed with Source One, USA, for servicing US clients procured by the JV partner.

Cyber News Service