Blackstone's $109 Investment In Intelenet BPO Holding Company Cleared

Blackstone's proposal to invest Rs 447.2 crore ($109 million) in an operating and holding firm SKR BPO Services has been approved by India's Foreign Investment Promotion Board (FIPB). SKR BPO is a recently formed vehicle which has carried out the management buyout of Intelenet BPO. Blackstone GVP Capital, Mauritius, and the Intelenet management own the company jointly.

Blackstone is believed to be holding about 80 per cent stake in the company. Blackstone's capital infusion will also be used to "make further downstream investment by way of acquisition of existing shares".' SKR has made an open offer for 20 per cent of shares in the publicly listed Sparsh BPO, in which Intelenet holds 51 per cent stake.This would cost SKR BPO about Rs 64.59 crore, as it plans to acquire 3.23 million shares at an offer price of Rs 200 per share.