Mastek to divest 30% BPO JV stake

Mastek will divest 30% stake, valued at 3.07 lakh pound, in Capita Mastek BPO in favour of the joint venture partner Capita Group Plc.

Capita Group already holds 60% stake in the joint venture, and is willing to further increase its holding as BPO is its core business, Mastek said in a release today.

"Mastek would retain the remaining 10% in Capita Mastek BPO as an investment," the release added.

The joint venture was formed in November 2003, and has incurred a loss of Rs 6.6 crore in the last 10 months, the statement said.

On the Mastek-Deloitte joint venture - DCOTG - it said the October-December quarter saw an addition of fresh clients from the manufacturing and healthcare verticals.

"DCOTG had 40 live projects as on December 31, 2004. After due deliberations, both partners have decided to continue the business as usual by retaining their stake," the release added.