Mumbai, July 21: Tata Consultancy Services (TCS) will transfer its 50 per cent stake in Intelenet Global Services to HDFC for a consideration of Rs 161 crore.

This move will make Intelenet a wholly-owned subsidiary of HDFC. A steady growth in Intelenet’s business made it necessary to consolidate the ownership of the company, said TCS and HDFC.

“It was mutually decided that the ownership of Intelenet would be transferred entirely to HDFC,” a statement from HDFC said.

Intelenet was set up in June 2000 as a 50-50 joint venture of TCS and HDFC to service international clients. It has developed a good infrastructure, sound technology and an efficient management team in the last four years.

At present, Intelenet has over 4,200 employees and in 2003-04, its revenues stood at Rs 117 crore. It had an operating profit of Rs 26.60 crore and a net of Rs 10.80 crore (before adjustment for deferred tax). Its clients include 18 reputed companies from the UK and the US, who have outsourced voice, back-office and accounting processes.

Intelenet serves clients in the banking, insurance, telecom, and retail and hospitality industries.