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Essar Group has concluded the sale of its business process outsourcing (BPO) company Aegis to private equity firm Capital Square Partners for $300 million (₹2,000 crore). The deal was earlier announced on April 3.
The proceeds from the sale of Aegis and Essar Oil (to Rosneft) have enabled Essar to retire almost ₹75,000 crore of debt. The transaction also marks Essar Global’s exit from the BPO business.
AGC Holdings Ltd (AGC) Mauritius, a wholly-owned company of Essar Global Fund Ltd (Essar Global), has sold its entire stake in ESM Holdings Ltd, Mauritius. ESM Holdings is the holding company of Aegis, the company said.
Growth of Aegis Since the acquisition of Aegis Communication by Essar Group in 2003, Aegis has grown over 10-fold to become a significant player in the outsourcing industry. Through a mix of organic growth and strategic acquisitions, the company has expanded its global footprint across nine countries – India, South Africa, Australia, Saudi Arabia, UK, Argentina, Sri Lanka, Peru and Malaysia.
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