Raman Roy and Associates has entered into a joint venture agreement with Sri Lanka-based John Keells Holdings for developing the BPO business in Asia.

"Both the parties have committed approximately $22 million to the JV for immediate business plans. The joint venture will initially focus on India and Sri Lanka," an official release said.

"The partnership will enable John Keells Holdings to enter the BPO industry with the expertise of Raman and his team. We believe the industry has tremendous potential for growth, and the combined resources and strengths of John Keells Holdings and Raman Roy and Associates will make this venture a success," Susantha Ratnayake, deputy chairman of John Keells Holdings, said.

The JV is expected to set up its operation initially in Delhi and Colombo, and thereafter spread to other select cities in India and Sri Lanka.

Raman Roy, former CEO, Wipro [Get Quote] BPO Solutions, is regarded as a pioneer of the IT-enabled services business in India and played a key role in proving the country's capability as a destination for remote processing.