INDIA BUSINESS WORLD - JULY - AUGUST - 2007
The Month that was ...
INFOSYS TECHNOLOGIES LIGHTS UP $250M PHILIPS BPO CONTRACT
INFOSYS Technologies has taken another step towards increasing its footprint in Europe by signing a $250-million outsourcing contract with Royal Philips Electronics of the Netherlands. As part of the agreement, Philips will enter into a seven-year contract with Infosys BPO, which will provide finance and accounting (F&A) services as well as process purchase orders.
The deal, structured like an acquisition, includes the takeover of Philips' shared service centres in Chennai, Thailand and Poland, employing 1,400 people, by Infosys BPO. The latter will make an upfront cash payment of $28 million to the Dutch company. Infosys BPO chairman TV Mohandas Pai said, "The cash payment is because Philips had invested in setting up the centres, IP and processes."
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