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Japanese staffing firm Outsourcing Inc. has bought a majority stake in Bangalore-based recruitment firm Alp Consulting, as it seeks to increase its reach in the fast-growing Indian employment market, reports economictimes.indiatimes.com.
Outsourcing is believed to have paid USD 5 million for a 51% stake in Alp Consulting. The deal valued the Indian firm at about INR 610 million (USD 9.8 million).
Haruhiko Doi, chief executive officer of Outsourcing Inc., commented on the deal: "Unlike Japan, India's working population is set to grow up to 240 million in the next 20 years. We look forward to growing at a fast clip."
Outsourcing Inc., through this acquisition, aims to meet the staffing and outsourcing needs of Japanese companies that are expanding their operations in India. With 17 Japanese companies and 19 overseas firms under its umbrella, Outsourcing offers contracting service and staffing service to multinationals such as Suzuki, Toyota, and Sony.
The Japanese company has been scouting for acquisitions in India since last year, according to industry experts.
Established in 1996, Alp Consulting provides staffing and HR outsourcing services across six cities; Mumbai, Hyderabad, Delhi, Chennai, Noida, and Pune. According to research conducted by Staffing Industry Analysts, the Indian staffing market was worth INR 266.5 billion (USD 5 billion) in 2012.