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Manpower will cut its stake in the local company to 74% and the promoters of ABC Consultants will own the remaining 26%. The deal sets a new bench mark for the booming recruitment industry.Industry watchers say this is a much larger deal than the previous deal which were in the range of Rs 35 crore to Rs 70 crore. Abc Consultants promoters will receive the payments staggered over 3 to 4 years, at the end of which they will also divest the 26% stake in Manpower Services. Commenting on the development Mr Bish Agarwal ,Chairman ,ABC Consultants ,said,"While our strength lie in the direct higher segment ,Manpower globally has a very strong presence in the temp services which is growing at a fast rate in India." As per the deal ,ABC Consultants 170 Consultants from the three verticals, along with its current CEO,Tarun Bali will join the 200 odd consultants that Manpower has in India. MD Iain Herbertson said this deal will significantly boost its presence in India. Manpower Services will buy out ABC Consultants stake and they will make an exit if things go as per there planning. HR Experts comment said international firms have already have established themselves in India and other firms are likely to join them soon.Mr Agarwlal said there are around 10,00 recruiting firms in the country.
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| Posted : 10/6/2005 |
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