Capgemini on Monday announced it has bought the remaining 49% in as Capgemini Business Services, its India unit, from Hindustan Unilever. Financial terms of the deal were not
disclosed.
Capgemini and HUL had entered into an agreement in September 2006 for the sale of a 51% stake in Unilever India Shared Services Ltd (UISSL). Known as Indigo, USSIL is a provider of financial shared services and Sarbanes-Oxley compliance services to the Unilever Group in about 45 countries and has operating centres in Bangalore and Chennai. Post HUL’s dilution, UISSL was renamed Capgemini Business Services (India) Ltd.
Following a separate agreement in October 2006 and subsequent amendments, both parties also agreed for dilution of the balance 49% stake of HUL in favour of Capgemini by March 31, 2010.
D Sundaram, finance director for HUL and chairman of Indigo, had said in 2006: “The partnership with Capgemini... enables leveraging the current Indigo expertise and capabilities and represents an exciting opportunity for Indigo employees to extend the business outside of the Unilever group.”
A statement from Capgemini said, “The partnership with Unilever will reinforce Capgemini’s market-leading position in BPO F&A services, employee services, procurement and knowledge process outsourcing and add significant capabilities to Capgemini.”
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