Essar buys TeleTech for $13 million

Aegis BPO, an Essar Group company that has interests in steel, telecom and retail, acquires TeleTech Services for $13 million, report Venkatesh Ganesh and Indulal PM.

After serving customers outside India, outsourcing companies are now looking inwards. The burgeoning domestic market, which is throwing up opportunities in retailing, telecom, banking and financial services, is being eyed by Indian outsourcing companies like Aegis, Intelenet, Firstsource and 3i infotech.

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Aegis BPO, an Essar Group company that has interests in steel, telecom and retail, has acquired TeleTech Services, a joint venture between TeleTech Europe and Bharti Ventures, for $13 million.

Similarly, Intelenet had acquired Spanco, a domestic outsourcing company a couple of years back. Firstsource, formerly known as ICICI Onesource, in which the ICICI group has a 24.98 per cent stake, has opened five centers in Tier III cities to serve Indian customers.

Aegis BPO ranks among the top 10 outsourcing players in India and has revenues of $188 million. This acquisition means that Aegis BPO gets to service customers of Bharti Airtel, India's largest mobile company. Further, Aegis gets 2,200 employees working with TeleTech and that takes its total employees who service Indian customers to 8,700.