This Article is From Jul 10, 2015

Mphasis to Transfer a Portion of Domestic Business to KDMSL

Mphasis to Transfer a Portion of Domestic Business to KDMSL

New Delhi: IT services provider Mphasis on Friday said it will transfer a portion of its domestic business to Karvy Data Management Services for Rs 2.75 crore.

"...the signing of a definitive agreement to transfer a portion of its domestic business, subject to regulatory approvals, to Karvy Data Management Services Limited (KDMSL) - a provider of business and knowledge process services in India," Mphasis said in a filing to BSE.

This is Mphasis' second definitive agreement further to the recent signing with Hinduja Global Solutions (HGS) to transfer over 7,000 employees, which was roughly two-third of the domestic voice business.

The company said with this current agreement, over 2,000 employees would be transferred to KDMSL.

"Specialisation and consistent strategy execution holds the key to success. This definitive agreement offers tangible proof of our commitment to execute our strategic roadmap," Mphasis CEO Ganesh Ayyar said.

KDMSL said it is optimistic about the overall business growth in India and hence better business volumes.

"Our pedigree and footprint in the country would enhance and integrate service offerings to clientele in addition to the existing voluminous transaction processing capabilities. We are thrilled with this acquisition," KDMSL MD V Mahesh said.

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