(Ministry of Finance Press Release dated 18th Oct 2021)
The Competition Commission of India (CCI) approves Acquisition of the worldwide healthcare BPO services of Hinduja Global Solutions Limited, by Betaine B.V.
The proposed combination pertains to the proposed acquisition of worldwide healthcare business process outsourcing (BPO) services of Hinduja Global Solutions Limited (HGS), along with certain assets, contracts and employees by Betaine B.V. (Betaine).
Betaine has been recently incorporated in the Netherlands for the purposes of the Proposed Transaction, and is an entity, which is ultimately owned and controlled by funds comprising The Baring Private Equity Asia Fund VIII which is a fund affiliated with Baring Private Equity Asia Pte. Ltd. (BPEA). Betaine is currently not engaged in any business activity (directly or indirectly) in India.
BPEA is an international private equity firm with a focus on private equity investments in Asia. BPEA and its affiliates currently inter alia hold investments in various entities that are engaged in the provision of Information Technology (IT) and IT enabled services (ITeS) in India, including in the provision of BPO services.
HGS is engaged in the provision of IT and ITeS services, and caters to customers across the globe. The services that it offers include BPO services, which cover, inter alia, marketing and digital enablement services and consumer interaction services. The Target Business essentially comprises the BPO services offered by HGS and caters primarily to the customers within the healthcare segment.
A detailed order of the CCI will follow.