ICICI Bank has announced that it has secured approval from the Reserve Bank of India (RBI) to convert I-Process Services (India) Pvt Ltd (I-Process) into a wholly-owned subsidiary, subject to specific conditions, according to the Bank’s latest regulatory disclosure.
A Decade and More of I-Process Services
Established in 2005, I-Process has been at the forefront of offering staffing solutions to some of India’s leading financial institutions. The company boasts a workforce of over 25,000 employees and an extensive presence spanning nearly 500 locations across India.
Estimated Acquisition Cost
The anticipated total expenditure for this acquisition is approximately Rs. 15.40 crore. However, this amount is subject to finalization based on pricing considerations in accordance with applicable laws and regulations, pending the receipt of the necessary approvals. The Bank has noted that it currently holds a 19% stake in iProcess.
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