'Morgan Stanley planning to sell Indian unit'

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Morgan Stanley
New Delhi, Sep 7: Morgan-Stanley is considering selling back-office operations in India that does IT development and finance and accounting-related work for the US financial services firm, reports a business daily.

Citing three sources close to the development an Economic Times report said that the firm is exploring options, including a partial or entire sale of the unit. However, Morgan Stanley could not be immediately contacted for a comment.

Just for the knowledge process work which involves equity research, complex financial modelling and portfolio analysis, the potential value of the transaction for its entire back-office operations could be 150 million dollars to 250 million dollars with about 50 million dollars, an investment banker was quoted as saying.

While the committed business could be around 500 million dollars for five years, the value of the transaction would depend on the amount of business the firm is willing to commit to the potential buyer, the report states.

Indian companies like Infosys Technologies and Wipro along with KPO firms such as eClerx Services are reportedly interested in acquiring the back-office operations.

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