SAR 3 - India Outsourcing

RNS Number:4362Z
First State Investments
07 March 2006


                                                                      FORM SAR 3

                           DISCLOSURE OF ACQUISITIONS
       (Rule 3 of The Rules Governing Substantial Acquisitions of Shares)

Name of acquirer          HSBC Global Custody Nominee UK Limited and Vidacos
                          Nominees Limited

Beneficial owner, if      1) First State UK Growth Fund, a sub fund of First
different from above      State Global Umbrella Fund Plc (shares registered in
                          the nominee name of HSBC Global Custody Nominee UK
                          Limited)
                          2) First State Balanced Fund, First State British
                          Opportunities Fund and First State British Smaller
                          Companies Fund, sub funds of First State Investments
                          ICVC (shares registered in the nominee name of Vidacos
                          Nominees Limited) and
                          3) First State Investments AIM VCT Plc (shares
                          registered in the nominee name of Vidacos Nominees
                          Limited)

Names of any other        N/A
persons acting by
agreement or
understanding (see SAR 5)

Company dealt in          India Outsourcing Services plc

Class of voting shares    Ordinary Shares
(eg ordinary shares)

Date of acquisition       7th March 2006



Number of shares        First State UK Growth Fund, a sub fund of First State
acquired                Global Umbrella Fund Plc - 150,000 shares

                        First State Balanced Fund, a sub fund of First State
                        Investments ICVC - 254,964 shares
                        First State British Opportunities Fund, a sub fund of
                        First State Investments ICVC - 258,954 shares
                        First State British Smaller Companies Fund, a sub fund
                        of First State Investments ICVC - 333,334 shares
                        First State Investments AIM VCT Plc - 336,081 shares.

Number of rights over   None
shares acquired #

Nature of rights over   N/A
shares


Total holding of voting shares (and percentage of 1,333,333 (16.33% of total
total voting shares in issue)                     voting shares in issue)

Total holding of rights over shares (and          N/A
percentage of total voting shares in issue)

Combined total holding (and percentage) of voting 1,333,333 (16.33% of total
shares and rights over shares                     voting shares in issue)




Date of disclosure                           7th March 2006

Contact name                                 Gillian Davies

Telephone number                             0131 473 2224

# See the definition of "rights over shares" in the Definitions Section of the
SARs.

For details of the SARs disclosure requirements, see SARs 3 and 5 and their
Notes which can be viewed on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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