ICICI Bank gets RBI nod to make I-Process Services as wholly-owned subsidiary
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.
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.
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.
Simone Tata, a transformative figure in India’s business landscape and the step-mother of Ratan Tata,…
IndiGo Airlines is one of India’s most popular and trusted airlines. It is known for…
Many countries have different names in different languages. One such country is Germany, which is…
Northeast India is a region full of beautiful landscapes, green forests and rich culture. A…
Jharkhand, a state in eastern India, has a well-developed railway network that connects it to…
Haryana is a well-developed state with a strong railway network that connects many important cities.…