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Our Bureau

Mumbai, Dec. 18 City-based IT services firm Silverline Technologies may put its Canada-based subsidiary, OMDR Inc, on the block. OMDR has been specialising in outbound calls; due to the current meltdown, the business of outsourcing to this company has been reduced.

Hence, the Silverline board has come to the conclusion that the recovery of this subsidiary will be long drawn and is looking at “measures to quickly right-size or dispose of the asset so that it does not become a drain on the company,” the company told the bourses.

“To keep the business running (with regards to OMDR), the company may need additional working capital being raised without proper cash flow, and the risk in the business would be increasing,” the statement said.

In January this year, Silverline Technologies had acquired OMDR, global provider of outsourced call centre services, for an undisclosed amount. OMDR, formerly known as Omega Direct Responses, specialises in inbound, outbound and multilingual customer service.

Silverline Technologies, which was the first Indian IT company to get listed on NYSE, landed in financial troubles when the dotcom bubble burst in 2000-01. In November 2007, trading in the company’s scrip was suspended in order to give effect to the reduction of capital and de-merger of its animation division. The company shares were subsequently re-listed on December 6, 2007.

On Thursday, the scrip closed at Rs 7.92, lower by 3.06 per cent from the previous day’s close.

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