RP Sanjiv Goenka Group is venturing into the business process outsourcing (BPO) space with the acquisition of 34.5% stake in Firstsource Solutions Ltd (FSL).
It has acquired the stake through Spen Lig Pvt Ltd, a wholly-owned subsidiary of the group’s power generation-cum-distribution entity, CESC Ltd. Financial details of the deal were not disclosed.
Group chairman Sanjiv Goenka said that he has worked over the deal for the last three months. “I have earlier acquired CESC and it continued to be the best performing group company. I am equally excited about FSL. It has an able leader in Rajesh Subramaniam, who is the managing director and chief executive office,” said Goenka.
FSL has a network of 48 delivery centres spread across the US, UK, Ireland, Philippines, India and Sri Lanka. Its clients are in banking, financial services, healthcare, telecom, media and other industries.
With 32,553 employees, FSL’s revenue was Rs. 2,255 crore and its net profit was Rs. 62 crore for the financial year 2011-12.
He said that given the current limitations of growth opportunities in the power sector the group has been looking at entering the BPO space for a while. “FSL presents a very good opportunity in high growth BPO verticals and has a very strong management team,” he added.