Genpact Limited, which manages business processes for companies around the world, announced that General Electric Company has extended its master services agreement with Genpact until December 31, 2014.

Pramod Bhasin, President and Chief Executive Officer of Genpact, said: “We are excited by this vote of confidence from our biggest client.”

Keith Sherin, Chief Financial Officer of GE, said: “Genpact began more than 10 years ago as a small GE operation led by Pramod and his team. It has grown to be a leader in a global industry and an important partner for GE providing a wide range of sophisticated services.”

Concurrently, an affiliate of GE, Genpact and the other principal Genpact shareholders amended the shareholders’ agreement among them, changing the expiration date of the provision that requires GE to hold a minimum of 26,745,000 Genpact shares from December 31, 2009 to March 20, 2009. In the amendment, GE also gave up any right under the shareholders’ agreement to director representation on the Genpact Board of Directors. In connection with the amendment, Gary Reiner and Ferdinando Beccalli-Falco, two GE executives, resigned from Genpact’s Board of Directors, but will join a Commercial Council that Genpact is creating. The Commercial Council will build upon Genpact’s unique and long-standing relationship with GE and provide a senior level forum for GE and Genpact to meet periodically for discussion of topics ranging from performance feedback, future avenues for Genpact to grow GE business, GE’s specific business goals and how Genpact can help them achieve those goals to an exchange of ideas and advice.

Renu, ITvoir Network