Aditya Birla Nuvo, a unit of diversified Aditya Birla Group, has agreed to sell its business process outsourcing unit Minacs to a group of investors for $260 million or nearly Rs 1,625 crore.
Aditya Birla Nuvo, a unit of diversified Aditya Birla Group, has agreed to sell its business process outsourcing unit Minacs to a group of investors for $260 million or nearly Rs 1,625 crore.
The group of investors is led by private equity firms Capital Square Partners (CSP) and CX Partners (CXP), the company said in a statement on Friday, adding the deal is expected to be closed in two to three months.
Minacs posted sales of $450 million (nearly Rs 2,800 crore) and a net profit of $23 million (nearly Rs 143 crore) in the fiscal year ended March 31, 2013. The company employs 21,000 people across 35 centres in 10 countries, the company said in a statement.
Aditya Birla Nuvo said it decided to sell Minacs to pursue "multiple" other growth opportunities. Macquarie Capital acted as financial adviser to the private equity consortium. (Rupee value calculated at Rs 62.5/$)
Copyright: Thomson Reuters 2014
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