GE sells stake in GE Capital
General Electric told media today that they would be selling 60% stake in their Gurgaon Based BPO firm GE Capital International Services (GECIS). The buyer is private equity firms General Atlantic Partners and Oak Hill Capital and the amount involved is reportedly around USD 500 million.
This also happens to be one of the biggest deals ever in the Indian outsourcing industry, which in the current state is itself worth around USD 3.6 Billion. This deal puts the total value of GE’s firm to around USD 800 million.
This move also means that the unit now would function as an independent unit and would no longer serve only GE Customers. As per reports:
“GECIS is a powerhouse organisation that is well capitalised with an expanding footprint and has clear strategy and compelling business propositions”, Oak Hill managing partner J Taylor Crandall said.
GE has been in India since 1902 and today all of GE’s 11 businesses have a presence in India from aircraft engines to power generation.
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