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.