May 03, 2011 (LBO) - India's Firstsource Solutions is to invest a million dollars to take a 74 percent stake in Sri Lankan celco Dialog Axiata's business process outsourcing subsidiary in a joint venture deal.
The unit, Dialog Business Services, recently started by Dialog, will be renamed Firstsource-Dialog Solutions with an existing staff of 417.
Mathew Vallance, chief executive of Firstsource Solutions, said the joint venture would initially service the needs of Dialog in supporting its customers and then the rest of the Sri Lankan market.
"We will target the telecoms and media market and the nascent banking and insurance markets," he told a news conference in Colombo.
"Over time we will look at the health care space as well."
Dialog Axiata group chief Hans Wijayasuriya said the firm went into the business process outsourcing (BPO) sector as "we saw the industry as something that would flourish in Sri Lanka many years ago.
"We felt at some point we should join the BPO and ITES (information technology enabled services) sector in a far more aggressive manner.
"We felt we did not have the complete set of expertise and international exposure in terms of international markets to give this centre capacity and forward growth trajectory. So the Sri Lankan team needed to join hands with an internationally renowned BPO partner."
Vallance said the new Sri Lanka venture will add about 10 percent to Firstsource Solutions' revenue which was 450 million US dollars in the year to March 31, 2011.
Firstsource Solutions, formed by India's ICICI banking group has 26,000 staff in India, the US, UK and the Philippines.
It provides BPO services in the healthcare, telecom, media, banking and financial services sectors.
source - www.lbo.lk
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