The Hindu Business Line : Recap eyes HOV Services arm

Recap, LLC of the US has offered to purchase all assets, including shares, owned by HOV Services, LLC, a subsidiary of the Chennai-based HOV Services Ltd, which provides business process and knowledge process outsourcing solutions. The offer worth $208 million was given in June. It has also offered to buy the entire share capital in HOV Services (Beijing) Ltd, currently held by HOVS Holdings Ltd, another wholly owned subsidiary of HOV Services Ltd incorporated in Hong Kon g. The offer is being considered by its directors in the US, Mr R Vijayakumar, CFO India, HOV Services Ltd, which is listed in India. While the US subsidiary is responsible for all major operations, India is only a ‘shell’ company, he said. HOV Services’ customers include over 50 per cent of Fortune 100 companies across key verticals such as financial services, telecommunications, healthcare, insurance, construction, publishing, finance and accounting and government. Its customers are serviced from more than 50 locations across North America, India, China and Mexico. Out of the 12,000 employees, 8,000 are in India, he said.

HOV Services today announced a new delivery centre in the Xi’an, located in Shaanxi province, China. The facility is integrated into the company’s global delivery platform. The expansion into China is to increase its access to top global talent pools given the facility’s close proximity to over 100 universities, according to a company communication to the Bombay Stock Exchange.

— Our Bureau

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