ALSO READQuess Corp Q2 net surges over four-fold to Rs 141 cr Tata Sons seeks to tweak preference shareholder rights Tata Sons to put Rs 30,000 cr into Tata Teleservices After Tata Capital, Tata Sons writes off Rs 700 cr dues from Siva group Tata Sons set to get required majority to go private at AGM
Prem Watsa backed Quess Corp has acquired a majority stake in Tata Group's domestic-focused back-office firm Tata Business Support Services (TBSS) for Rs 153 crore, plugging a gap in offering customer services to its customers in India.
TBSS, based in Hyderabad, employs over 27,000 people handling over 500 million customer transactions a year. The firm has 27 delivery centres, with customers in auto, banking, telecom, media and retail and offering Quess a pan India presence.
Quess will own 51 per cent in the company, which will be rebranded with a new identity, while Tata Sons, the promoter of TBSS, will retain 49 per cent, said a joint statement on Monday. Srinivas Koppolu, Chief Executive Officer, and his team will continue to lead the Company.
The Bengaluru-based Quess has built its business through acquisitions, buying over 15 companies in the last five years. Over
"We are confident that TBSS’ digital capabilities and a roster of marquee clients will help us further grow this platform. CX has been a key focus area for us and will continue to see further investments from our side,” said Ajit Isaac, Chairman and Managing Director of Quess Corp in a statement.
In October, Quess said it is spending around Rs 40 crore to buy 70 per cent stake in Vedang Cellular Services, a firm that builds telecom network products. It also announced a joint venture with Trimax IT infrastructure and services to implement a smart city project in Ahmedabad.
“The Tata group has nurtured TBSS over the last ten years over which time, it has grown to become a significant CX solution provider in the Indian business process outsourcing industry. The addition of Quess will further expand the company and let it continue to grow from strength to strength,” Praveen Kadle, Chairman of TBSS and Managing Director of Tata Capital.
“We are excited to be part of this journey. With the additional support of Quess, we are confident that we can expand into newer markets, acquire the latest digital competencies and provide stronger career opportunities to our employees, all the while offering better value to our customers and stakeholders,” Koppolu said in a statement.
Quess Corp stock closed Rs 46.80 or 5.71 per cent higher at Rs 865.95 on the Bombay Stock Exchange on Monday