Serco in talks to sell Indian division

19th May 2015 12:39

Struggling outsourcing group Serco is on the verge of completing the sale of its Indian unit to CVC Capital Partners for approximately £250m.According to Sky News, advisers to the FTSE 250 group have begun negotiations to sell Intelenet, an India-based process outsourcing operation to Philippine sector peer SPI Global, which is owned by CVC.Analysts believe that Intelenet, which provides back office services to businesses in a range of sectors, including finance, travel, healthcare and telecoms, could be worth approximately £257m.However, sources cited by Sky News said the deal was not yet completed, adding that Blackstone, Intelenet's former owner, had also submitted a bid to Serco, which has recently been blighted by a number of profit warnings and fraud probes.Meanwhile, the outsourcing group is also understood to be intent to dispose of its environmental waste and leisure services divisions.Serco shares down 0.51% to 135.90p at 12:54 on Tuesday.