ICICI Bank said it has received the Reserve Bank of India’s approval for making I-Process Services (India) Pvt Ltd (I-Process) its wholly owned subsidiary, subject to certain conditions, per the Bank’s latest regulatory filing.

Started in 2005, i-Process was set up to provide staffing solutions services for some of India’s top financial institutions. The company has an employee strength of more than 25,000 and a presence at nearly 500 locations across India, per its website.

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The total outgo for the acquisition is estimated at Rs. 15.40 crore, subject to finalisation of pricing, in accordance with applicable law/regulations, on receipt of necessary approval(s), the Bank said in its February 2023 regulatory filing. The Bank currently holds 19 per cent stake in iProcess, ICICI Bank then said.