Private equity firm Blackstone has acquired a majority stake in Serco’s BPO operations for £250 million (₹2,558 crore). This is the largest such deal for Blackstone in India. The sale does not include the UK business of Serco Global Services, which will be divested later.
The deal is expected to bring back some action in the Indian BPO market, which has not seen any major consolidation in the recent past. According to Nasscom, revenue from the Indian IT-BPM industry stood at $146 billion last year, growing 13 per cent last year and commanding a 55 per cent global sourcing share. The domestic market itself is rapidly growing with business coming from e-commerce companies and start-ups.
“The good thing is that Serco has a solid focus and it is going after the few things and it wants to do them very well. It is also going after areas that weren’t traditionally its stronghold, which is a good sign,” said Sanchit Gogia, chief analyst at Greyhound Research.
Source: Hindu BusinessLine