Date:19/08/2004 URL: http://www.thehindubusinessline.com/2004/08/19/stories/2004081901310200.htm

Back ICICI OneSource to raise funds from Temasek, WestBridge

Our Bureau

Mumbai , Aug. 18

ICICI OneSource Ltd has signed agreements with Temasek Holdings of Singapore and WestBridge Capital for raising fresh capital.

ICICI OneSource, a business process outsourcing (BPO) company, did not specify how much it was raising by way of these agreements.

The funding marks Temasek's first investment in the Indian BPO industry, according to a news release.

"Temasek, which has helped create successful regional companies, will add significant value to ICICI OneSource and will help us enter the Asia Pacific market," said Mr Ananda Mukerji, Managing Director and CEO of ICICI OneSource.

WestBridge Capital Partners have demonstrated their continued confidence in the company by participating in this investment round, he added.

"In addition to being financial investors, we believe we can add strategic value and derive synergies with many of our portfolio companies in Singapore and in the region," said Mr Manish Kejriwal, Managing Director, Temasek Holdings Advisors India.

ICICI OneSource ended 2003-04 with revenues of $42 million, recording a year-on-year growth of 134 per cent.