As many as 11 top multinationals, including Wells Fargo, Ingersoll Rand and Standard Chartered, have set up their back-office units in India during the third quarter, signalling signs of business recovery.

Eleven new captive centers were set up in India during this quarter, which is highest in any single geography, global consulting and research firm Everest Group said.

In the last one year, the global financial crisis and dwindling revenues had forced most of the oversees firms to keep their expansion plans on hold.

"The increase in the number of captive being set up in New Delhi reflect signs of recovery in the overall market. We expect the industry in India to continue this momentum in 2010," Everest Group Vice-President Global Sourcing Amneet Singh said.

The report said the cost arbitrage opportunity for Indian cities improved with depreciation of the currency and reduction in operating costs.

"The Indian offshore industry is growing on the back of improving demand and continued advantages of India as an offshore destination. India-centric suppliers are investing in delivery capabilities and setting up new centers," said Everest Group Principal and Country Head-India Gaurav Gupta.

Everest's quarterly study on global outsourcing and off shoring activity reports that 28 new captive were set up in Q3 2009 compared to Q2 2009.