Essar has sold Aegis to a Singaporean private investment firm

Essar Group, led by the influential Ruia family, has announced the sale of its BPO company Aegis Ltd to private equity fund manager Capital Square Partners, based in Singapore, thus exiting BPO business.

The deal has been estimated to be worth $275 to 300 million.

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Aegis had a global presence in the BPO business, with operations in India, Sri Lanka, Malaysia, Australia, South Africa, Peru, Argentina, Saudi Arabia and the UK. With around 40,000 employees, it had 47 BPOs in these 10 countries and had $400 million worth of revenue.

Also read: LIC wants Essar to clear all dues to give NOC to its deal with Rosneft

"AGC Holdings Ltd (AGC) Mauritius, a wholly-owned portfolio company of Essar Global Ltd, has entered into a definitive agreement with Capital Square Partners (CSP) to sell 100 per cent of its stake," said a statement from Essar.

"Net proceeds of this sale will be used to retire Essar's debt," it added.

It was in 2004 that Essar had entered the BPO business after acquiring the US-based Aegis Communications Group, which it later sold in 2014.

"This transaction is in line with our strategy of incubating, building and operating world-class businesses, and being open to monetising them at a premium value when the market conditions are favourable," said Uday Gujadhar, Director-AGC.

(Image source The Indian )