Yesterday, Serco announced that it intends to sell its BPO operations. This news is hardly a surprise after Serco Group's poor performance in 2014, for which the company has announced operating losses of £1.3 billion.

Serco's BPO portfolio includes offshore operations Intelenet and Infovision, based in Mumbai and Delhi respectively, and Serco Listening Company Ltd, a call centre business that the company acquired in 2011.

The group has initiated a rights issue in order to raise £555 million - Serco desperately needs to reduce its current state of debt. The sale of Serco's BPO businesses will begin after 17th April when the rights issue closes.

'The sale of the BPO portfolio has two distinct disposal transactions, with a view to maximising the enterprise valuation.

'The first transaction is in respect of the majority of Serco’s private sector BPO operations, including the businesses acquired through the acquisition by Serco of Intelenet in 2011 and Infovision in 2008, and selected additional delivery locations in the United Kingdom, Poland and the Middle East,' the group said when filing with the LSE.

For weekly news updates, subscribe to our email newsletter.

Read this next: Serco Seeks Redemption after £1.3bn Operating Loss