Essar sells Aegis to CSP for $300 mn

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Mumbai, Nov 27 : Essar Global on Monday said it has sold the business process outsourcing (BPO) company Aegis to Singapore-based investment firm Capital Square Partners (CSP) for $300 million (approximately Rs 2,000 crore).

According to the Essar Group, the transaction was made by AGC Holdings Limited (AGC) Mauritius which is a wholly owned portfolio company of Essar Global Fund Limited (Essar Global). AGC sold its 100 per cent stake in ESM Holdings Limited, Mauritius, which is the holding company of Aegis to CSP. 

“Net proceeds from this sale, which was announced on 3 April 2017, will be used to retire Essar’s debt,” the company said in a statement.

“The closure of this transaction is in line with Essar’s intent to reduce leverage that is complemented by an asset monetisation programme.” 

As per the statement, 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,” the statement said.