Aegis BPO to buy TeleTech Services India for $13 mln

MUMBAI (Reuters) - Aegis BPO, an arm of the Essar group, on Wednesday said it had signed an agreement to acquire TeleTech Services (India) Ltd for about $13 million.

TeleTech Services is a joint venture (JV) of TeleTech Europe BV, a subsidiary of Teletech Holdings Inc, and Bharti Ventures Ltd. The JV provides customer management services.

"This is in line with our strategy of growing the business in India in the telecommunications segment, where we have a significant market share," Managing Director and CEO Aparup Sengupta told reporters at a press briefing.

Telecoms services is its largest contributor to revenue at 40 percent, followed by banking and financial services with 20 percent.

Aegis said it expected to become a $500 million company in the next two years, having grown at 44 percent annually in the last three years.

The current acquisition would add $15 million as revenues in the first year, Sengupta said.

It is now planning foray into South-East Asia and Europe and expand presence in Spanish-speaking countries through acquisitions and partnerships, he said.

Geographically the United States contributed 60 percent to revenues with the remaining from India, Chief Financial Officer C.M. Sharma said.