New York-based REcap Partners-LLC is all set to buy out Chennai-based business process outsourcing firm HOV Services along with its two units operational in Beijing and Hong Kong for around Rs 950 crore

This cure amount was offered under a petition filed by its client under Chapter 11 of the US Bankruptcy Act, in a New York Court. P D Mundhra, executive director, eClerx Services said, "We share a long standing relationship with the client and have agreed to this cure amount in order to bring the issue to resolution.

Outsourcing IT processes overseas may save money, but...

China and India's advantages such as lower costs and greater market opportunity outweigh the higher risk compared with the more established and mature regulatory regimes of Australia, Japan and Singapore.

The current sub-prime crisis, in the medium-to-long term period, will accelerate global sourcing adoption as financial institutions are exercising the option to cut costs. The institute predicts that outsourcing from the financial services sector have the potential to increase 40-45 times the current market size over the next five years, with key drivers of growth coming from cost pressures and the timely advent of more vertical-specific offerings by offshore suppliers.

The company's operations will be carried out from its facility at Divyashree Park SEZ in Whitefield, Bangalore. Initially, the company plans to recruit about 20 persons to begin operations and gradually increase the strength to 150 to 200 by end of first year of operations depending on the projects to support Gensler requirements.

With the telecom industry aiming to increase its rural subscribers base and the central bank asking banks and financial firms to cater to the rural sector, businesses will have to find ways of servicing customers, say analysts. Most of the rural BPOs have a seating capacity of below 100 per centre, as they are situated in remote areas.

US giants are rushing to partner with Indian and Chinese companies—tapping their brainpower and saving millions of dollars in the search for breakthrough treatments

US Presidential hopeful Barack Obama once again touched on the ticklish issue of outsourcing and while vowing to end tax breaks to companies that ship works overseas conceded that all lost jobs could not be redeemed.