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http://www.siliconindia.com/shownewsdata.asp?newsno=22772

ICICI OneSource loses British contract 
IANS Thursday, January 29, 2004 

BANGALORE: ICICI OneSource, a leading city-based business process
outsourcing (BPO) firm, Thursday confirmed it had lost a British call
centre contract - but said it would not lay off any employees.

ICICI OneSource president Raju Bhatnagar said home shopping firm Shop
Direct had terminated its contract but all 250 employees hired for the
project would be retained.

"We are absorbing all the 250 employees who were handling the inbound
voice services of Shop Direct in spite of the contract being
terminated," Bhatnagar told IANS.

Earlier Thursday, Shop Direct Group Ltd said it would end its contract
with ICICI OneSource.

"The contract was signed during March 2002 in response to the growth
in call volumes. Following the purchase of the Equation and Reality
businesses by March U.K. Ltd on May 27, 2003, the requirement to
continue the contract has ceased," it declared in a statement released
in London.

Bhatnagar claimed this would not impact ICICI OneSource's operations.

"There will be no loss of jobs on account of this development as we
have enough business on hand to re-deploy them for handling our other
service engagements. They will be retained to meet our expansion
plans.

"We have added several new clients during the previous and current
quarter to our portfolio. These premium projects will give our
employees the opportunity to work on verticals across the board,"
Bhatnagar asserted.

He said Shop Direct had acknowledged the engagement was successful
with significant contributions to its business.

"Our service rendered during the engagement has been certified as
being professional and exemplary," he said.