The Indian back office operations employ about 2,000 people
Morgan Stanley is exploring various options to wind up its back office operations in India – reported Reuters citing a report of Economic Times. Reportedly, the US-based lender is planning for either a complete or a part of sale of its back office unit that is active in accounting, finance and IT development related work.
According to the Indian business daily, the approximate value of the sale of the complete back office could be anywhere between $150 to $250 million. The knowledge process work that comprises equity research, complex financial modelling and portfolio analysis alone could fetch around $50 million.
However, it said that the final value of the transaction would depend on the amount of business Morgan Stanley is willing to commit to the purchaser. Several Indian IT players, including some that are already engaged in development work with it, are said to be in the race to buy the back office operations in India, quoted Reuters.