GE sells Indian outsourcing unit

Disposal of 60% stake in Gecis will earn $500 million.

General Electric has agreed to sell its Indian outsourcing company to two US private-equity firms. General Atlantic Partners and Oak Hill Capital Partners will pay about $500 million in cash for a 60% stake in GE Capital International Services Gecis, valuing the company at around $800 million. The deal is expected to go through in the next six months.

Analysts reckon that GE has timed the sale well to hit the business process outsourcing market at its peak. According to Nasscom, the industry body in India, growth hit 46% in 2003 on revenues of $3.6 billion. A slightly lower growth rate is expected this year and few expect the super-normal...

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