ICICI, Temasek may revive Firstsource sale

Plans may be in the works for Singaporean state investor and Indian ICICI bank to sell their stakes in Firstsource Solutions.

ICICI, Temasek's Aranda Investment and U.S.-based banking technology group Metavante together own 68 percent of Firstsource and have hired Citigroup to arrange the deal, the sources with direct knowledge of the deal, said on Nov 9.

Sources disclosed that Firstsource may go on sale for $285 million.

According to a report in Reuters, the sources did not want to be named as they are not authorized to speak to the media.

ICICI declined to comment. Temasek officials in India could not be immediately reached.

A spokeswoman for Firstsource said in an e-mailed reply she would not want to comment on market speculation.