I-OneSource in pact with Temasek, WestBridge

ICICI OneSource Ltd (I-OneSource), a business process outsourcing (BPO) arm of ICICI Bank, today announced that it had signed definitive agreements with Temasek Holdings of Singapore and WestBridge Capital to raise around $35 million (approximately Rs 157 crore).

Temasek has agreed to pick up a 20 per cent stake in I-OneSource, while WestBridge's holding will go up by 9 per cent. Temasek already has 9 per cent holding in ICICI Bank, I-OneSource's parent. The balance 71 per cent is held by ICICI Venture, ICICI Bank and its employees.

The acquisition of shares in I-OneSource marks Temasek's first investment in the Indian BPO industry.

Ananda Mukerji, managing director and chief executive officer, I-OneSource, said, "The company intends to grow organically as well as through acquisitions. The fund, being raised from selling shares to Temasek and WestBridge, will help the company to fund acquisitions."