Intelenet Global Services, the formerly 50:50 JV between TCS and HDFC, had undergone a change in ownership structure since 2003-04. This was following TCS offloading its stake to HDFC during its IPO for Rs 161 crore, after the company was valuated at Rs 320 crore. Incidentally, even HDFC is likely to divest part of its stake to US-based private equity players. Otherwise, Intelenet experienced healthy topline and bottomline growth, thanks to an even spread of clients across geographies-of Intelenet's dozen clients, seven were in the US while the rest in UK.