Barclays and Housing Development Agree to Buy Intelenet Global

Barclays Bank and Housing Development Finance Corporation said Monday they agreed to sell their stakes in Intelenet Global Services of India in a management buyout.

Financial terms of the deal were not disclosed.

Barclays and HDFC, who launched the 50-50 joint venture in 2004, are selling to SKR BPO Services, a management team backed by Blackstone GVP Capital Partners Mauritius V-B, a member of the Blackstone Capital Partners group.

Intelenet has assets of $107 million (80 million euros) and is based in Mumbai.

Intelenet will continue to provide services to Barclays, the companies said.

Contact U.S. News


    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video

  • I don't know how to tell what the market is going to do but I do know how to pick out reasonable business over a long period of time, Warren Buffett, Berkshire Hathaway chairman & CEO.

  • It's a big story, says Warren Buffett, Berkshire Hathaway chairman & CEO, sharing his thoughts on the change of leadership at Allianz and Pimco.

  • Warren Buffett, Berkshire Hathaway chairman & CEO, and Larry Van Tuyl, Van Tuyl Group, discusses Berkshire's all cash deal to buy Van Tuyl Group and outlook on auto sales.