| The JV envisages merger of the IT, ITeS and retail financial services businesses of ABC Consultants with Manpower Services. ABC Consultants will retain 26 per cent stake in Manpower Services. |
| ABC Consultants' senior leadership team, together with 180 recruiters, and ongoing client relationships from the three verticals will be transferred to Manpower. |
| While B P Agarwal, the founder of ABC group, will join the Manpower Services board as chairman, Soumen Basu will continue as executive chairman. Tarun Bali, CEO, ABC Consultants, will join Manpower as executive director. "IT, ITeS and retail financial services are growing at a fast pace. These three are most significant sectors," said Agarwal. |
| ABC Consultants will continue to be independently active in the market, focusing primarily on client-servicing and business verticals. The three verticals contributed Rs 20 crore out of the overall Rs 50 crore turnover of ABC. |
| ABC will continue to cater to the recruitment needs at the senior management level for all the three verticals. |
| This JV will provide Manpower India, which set shop in India in 2000, boost to support and accelerate its growth plans for the country. |
| Sen, Manpower Services India executive chairman, said, "This is a marriage of two giants - one global and the other local. This partnership will also ensure a radical shift in the Indian recruitment industry providing greater delivery capability and higher-value workforce." |
| Agarwal said, "ABC is excited about joining hands with Manpower, and we see this combination of Manpower's global reach and expertise and ABC's 36-year recruiting experience in India as unbeatable. |
| The introduction of the Indian tools and recruitment methodologies by Manpower combined with the knowledge of the Indian employment market that ABC possesses will enable the JV to emerge as the largest recruitment firm in the country in a short span of time." |
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