India: Essar Group concludes $300m sale of Aegis BPO to Capital Square
Essar Group has concluded the sale of its business process outsourcing arm Aegis to Singapore-based private equity firm Capital Square Partners for $300 million.
The closure of this transaction is in line with Essar's intent to reduce leverage that is complemented by an asset monetisation programme. The proceeds from the sale of Aegis and Essar Oil have enabled Essar to retire almost Rs 75,000 crore of debt.
The transaction also marks Essar Global's complete exit from the BPO business after creating significant value through organic growth and strategic acquisitions that helped diversify customer offerings.
"With this acquisition now complete, we are keenly looking forward to working with the Aegis management team to grow its global footprint and enhance its capabilities and excellence in service to its customers,” said Sanjay Chakrabarty and Mukesh Sharda, Managing Partners of CSP.
Essar Global Fund operates a number of assets diversified across the core sectors of Energy, Metals & Mining, Infrastructure and Services.
