ICICI OneSource Ltd, a business process outsourcing arm of ICICI Bank, is close to acquiring a foreign company.

Although I-OneSource declined to comment on the acquisition plan at the moment, sources close to the development said the company was "in an advanced stage of negotiations with three foreign firms" and a decision might be taken within a few days. The list of the traget companies include Pipal Research, a Chigaco-based $2million firm.

It is learnt that the acquisition would be funded through the proceeds of the capital being raised through deals with Temasek Holdings of Singapore and West Bridge Capital.

I-OneSource signed a deal with Temasek and West Bridge to raise $35 million (approximately Rs 157 crore ). Temasek would pick up a 20 per cent stake while West Bridge's holding would go up by nine per cent.

The balance 71 per cent in I-OneSource is held by ICICI Venture, ICICI Bank and its employees.