Ayala Corp puts up subsidiary for outsourcing business

Ayala Corp., the Philippines' leading conglomerate, said on Thursday it has set up a wholly-owned subsidiary callled LiveIt Solutions, Inc. for its investments in the business process outsourcing (BPO) business. The company plans to focus on BPO companies in the U.S., the Philippines and India. LiveIt's first investment is the acquisition of an 11% minority stake in eTelecare Global Solutions, Inc. for approximately P800 million through its special purpose vehicle - New Bridge International Investment Ltd. eTelecare was started in 2000 and is one of the leading call center companies in Asia, serving large global clients in the telecommunications, electronics, financial and travel industries. "We are actively seeking additional opportunities that will enable us to provide high value added services," said Ayala Corp. chairman and CEO Jaime Augusto Zobel de Ayala. - GMANews.TV