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Hinduja Global Solutions concludes sale of its healthcare services business for US$ 1.2 Bn (approx. INR. 8,940 Cr) to BPEA

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Hinduja Global Solutions concludes sale of its healthcare services business for US$ 1.2 Bn (approx. INR. 8,940 Cr) to BPEA

Hinduja Healthcare Sale: The Hinduja Group’s business process management entity, Hinduja Global Solutions Limited (HGS) (Listed on NSE & BSE, India), announced today that it has completed the sale of Hinduja healthcare services business to wholly-owned subsidiaries of Betaine BV (‘Buyer’), funds affiliated with Baring Private Equity Asia (BPEA), one of the largest private alternative investment firms in Asia. The transaction was based on an enterprise value of US$ 1,200 million, subject to closing adjustments, and resulted in inflows of US$ 1,088 million.

As part of the divestment, HGS has transferred all client contracts and assets, including infrastructure related to the healthcare services business, to the Buyer. Over 29,000 employees from HGS across four geographies – the US, India, Jamaica, and the Philippines – will join the new organization, effective January 6, 2022.

As part of the Transition Services Agreement, the new healthcare organization will operate under the name “HGS Healthcare” for a period of up to 12 months from closing.

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Explaining the strategic thought behind the deal, Y.M. Kale, Chairman, Hinduja Global Solutions, stated, “This divestiture helps HGS unlock value and makes the capital available to grow the business of all the other verticals and divisions. It is the right time to refresh HGS’ value proposition and evolve as a comprehensive digital and CX services partner to clients.”

Also Read: Hinduja Global Solutions: What cause 20% decline in shares of leading IT Services Management Company, here explained

Chairman Kale further added, “Completion of the transaction unlocks significant value for the shareholders and is a recognition of the path-breaking work that HGS has been doing in the last two decades in building its domain capabilities. The Board has approved an interim/ special dividend of Rs. 150/share and a bonus issue of 1 share for every share held, subject to necessary approvals.”

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Partha DeSarkar, HGS Global CEO, said “HGS will now pivot to building its Digital Customer Experience Transformation Practice, focusing on the triple A’s of Automation, Analytics, and Artificial Intelligence, to create industry-specific solutions for the top global brands that HGS services. The acquisition of required talent for the above sectors is being planned. In the last two years, HGS has significantly expanded its footprint in the UK.

HGS recently unveiled a new brand identity aligned with its vision to be a digitally-led customer experience (CX) transformation organization. This new brand identity represents HGS’ focus on continually creating more satisfying customer experiences, stronger employee engagement, and more rewarding investor outcomes.

HGS will use the funds generated from the divestment to strategically invest in building its technology capabilities for the future growth of the organization. HGS has been working with its Board to chart this new path of technology leadership. HGS is also exploring several acquisition candidates for the inorganic growth of its business.”

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HGS’ Board of Directors in its meeting on January 6, 2022, has also declared:

(a) third interim dividend of Rs. 150/share in the nature of special dividend; and
(b) Recommendation of issue of new Equity Bonus Shares in the proportion of 1 Equity Share of Rs 10/- each for every 1 Equity Share of Rs 10/- each, subject to the approval of the shareholders and other statutory and regulatory approvals, as may be necessary.

Post completion of the transaction, HGS will have around 18,800 employees and 34 delivery centres in the US, Canada, UK, Jamaica, Philippines, and India. The company’s revenue run rate for Q4 FY2022 post divestment would be approximately US$105-US$110 million per quarter.

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Also Read: Vistara 7th Anniversary Sale: Indian Airline announces special sale on its 7th Anniversary – Check offers

About Hinduja Global Solutions (HGS):

A global leader in optimizing the customer experience lifecycle, digital transformation, and business process management, HGS is helping its clients become more competitive every day. HGS combines automation, analytics, and artificial intelligence with deep domain expertise focusing on digital customer experiences, back-office processing, contact centers, and HRO solutions. Part of the multi-billion-dollar conglomerate Hinduja Group, HGS takes a “globally local” approach. Post the Hinduja Healthcare divestment, HGS will have around 18,800 employees across 34 delivery centers in six countries, making a difference to some of the world’s leading brands across verticals. For the year ended March 31, 2021, HGS had revenues of Rs. 55,889 million (US$ 753.9 million).

(This is a Press Release)

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Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

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Pavel Durov Net Worth 2024: How Much is the Russian-born Emirati Entrepreneur Worth?

Who is Pavel Durov?

Pavel Valeryevich Durov, born on October 10, 1984, is a Russian entrepreneur renowned for founding the social networking site VK and the Telegram Messenger. He is the younger sibling of Nikolai Durov. After stepping down as CEO of VK in 2014, Pavel, along with his brother, led a nomadic lifestyle in self-imposed exile, holding citizenship from Saint Kitts and Nevis. He is recognized for his contributions to the tech industry and his advocacy for user privacy.

Pavel Durov Career?

Durov’s journey in the tech industry began in 2006 when he co-founded VKontakte (VK), inspired by Facebook’s success. Under his leadership, VK flourished, reaching a valuation of $3 billion. However, conflicts with Russian authorities over user data led to his departure from VK in 2014. Subsequently, he focused on Telegram, emphasizing privacy and security, earning him acclaim as a tech visionary.

Pavel Durov’s Net Worth

As of 2024, Pavel Durov’s net worth is estimated to be an impressive $17 billion. His wealth stems from his pioneering work with Telegram and VK, propelling him into the upper echelons of the tech industry. Durov’s success serves as an inspiration for aspiring entrepreneurs worldwide.

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Pavel Durov Age?

Pavel Durov, born on October 10, 1984, is currently 39 years old. Despite his relatively young age, he has achieved remarkable success in the tech world, demonstrating his entrepreneurial prowess and innovative thinking.

Pavel Durov Family: Parents

Pavel Durov’s father, Valery Semenovich Durov, is a distinguished academic with a Doctorate in Philological Sciences. His grandfather, Semyon Petrovich Tulyakov, was a decorated World War II veteran. Durov’s family background reflects a tradition of intellectual and academic excellence.

Pavel Durov Height and Weight

As of 2024, Pavel Durov stands at 5 feet 10 inches (178 cm) tall and weighs approximately 163 pounds (74 kg). His physique, along with his intellect and entrepreneurial acumen, contributes to his charismatic presence and success in the business world.

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Also Read: Nasser Al-Khelaifi Net Worth 2024: How Much is the President of Paris Saint-Germain Worth?

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Wow! Momo secures Rs 70 crore funding from Z3 Partners for expansion

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Food chain Wow! Momo raises Rs 70 crore from Z3Partners

Quick-service restaurant chain Wow! Momo has secured Rs 70 crores from Z3Partners in an extension to their latest funding round following Rs 350 crores from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia. Wow! Momo operates three brands – Wow! Momo, Wow! China, and Wow! Chicken.

CEO Sagar Daryani expressed gratitude stating, “We have been consistent and resilient…this round of investors have shown in us fortifies our faith and further motivates us to be change-makers.” Launched in 2008, Wow! Momo has 600 outlets in 38 cities and ventured into the FMCG sector along with their QSR vertical.

Managing Partner at Z3Partners, Rishi Maheshwari, praised Wow! Momo saying, “Wow! Momo is a reflection of the vibrant entrepreneurial landscape in the country…building a high-quality food business at scale, fuelled by superior execution expertise.” This funding round totals over Rs 480 crores, with Rs 270 crores via primary infusion and Rs 210 crores through a secondary purchase from early-stage investors.

Wow! Momo’s growth trajectory has been impressive with a strong presence in multiple cities. This latest funding will further solidify its position in the market and support its expansion plans. Sagar Daryani and the team at Wow! Momo are optimistic about the future and grateful for the support shown by investors.

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UP now boasts the largest number of Geographical Indication-tagged items in the country.

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UP now has the most GI-tagged items in the country

Varanasi, April 17 (IANS) – Six more products from Uttar Pradesh have been granted the Geographical Indication (GI) tag, including the famous ‘Tirangi Barfi’ of Kashi, a tricoloured sweet symbolic of the Quit India Movement. The GI Registry awarded the certification on Tuesday, bringing the total number of GI-tagged products in Uttar Pradesh to 75, making it the state with the most GI products in India.

The newly certified products in Uttar Pradesh also include Banaras Metal Casting Craft, Lakhimpur Kheri Tharu Embroidery, Bareilly Cane and Bamboo Craft, Bareilly Zardozi Craft, and Pilkhuwa Hand Block Print Textile. According to GI expert Padma Shri Rajnikant, “Two renowned products from Varanasi, the Tirangi Barfi and Metal Casting Craft, were granted GI certification on Tuesday.” Rajnikant, the general secretary of the Human Welfare Association, has been instrumental in securing GI tags for 148 producers across 14 states and Union Territories.

Rajnikant highlighted the crucial role played by the National Bank for Agriculture and Rural Development (NABARD) Uttar Pradesh, Lucknow office in supporting these six GI tags. He emphasized that this achievement strengthens Uttar Pradesh’s position as the leading state in GI products. In 2008-09, the state had only one GI product, the ‘Allahabad Surkha Amrood.’ With 75 GI products now, Uttar Pradesh continues to lead in this area.

The GI tags not only recognize the unique identity and qualities of these products but also provide protection against imitation and unauthorized use. These certifications also help in promoting traditional craftsmanship and skills, thereby boosting the local economy and preserving the cultural heritage of the region. Tamil Nadu follows Uttar Pradesh with 58 GI products, reflecting the rich cultural diversity and heritage of various states in India.

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