Temasek may pick up stake in ICICI oneSource

Likely to come in as a new investor as company plans hike in capital.

After Daksh and e-serve, the focus in the BPO space has shifted to ICICI oneSource. Temasek Holdings of Singapore is set to pick up a stake in the company for anywhere between $20 million and $30 million.

Two main investors in ICICI oneSource""ICICI Bank and its wholly owned subsidiary ICICI Ventures""are not selling their stakes, but Temasek is likely to enter as a new investor because the company is expanding its equity base.

When contacted, Ananda Mukerji, managing director and CEO of ICICI oneSource said, "A number of private equity investors have been talking to us, but we have not yet taken a decision (on the new partner)." However, industry sources said it was almost certain that Tamasek would come as a new investor when the deal was signed over the next few weeks.

"General Atlantic and Warburg Pincus, too, have evinced interest but Temasek is leading the race. It may hold about 20 per cent stake," sources said.

Temasek till recently held a 9.26 per cent stake in ICICI Bank. After the bank's public issue, its stake has come down to 8.6 per cent.

ICICI Bank holds about 25 per cent stake, ICICI Venture has about 57 per cent, the employees of the company have 10 per cent (through ESOPs) and West Bridge Capital has 8 per cent in the current $40 million equity base of the company.