News : Essar Concludes Sale of Aegis to Capital Square Partners
Mauritius / Singapore, Nov, 2017 -- AGC Holdings Limited (AGC) Mauritius, a wholly owned portfolio company of Essar Global Fund Limited (Essar Global), has concluded the sale of 100% of its stake in ESM Holdings Limited, Mauritius, which is the holding company of Aegis, a global outsourcing company, to Capital Square Partners (CSP. Net proceeds from this sale, which was announced on 3 April 2017, will be used to retire Essar’s debt.
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 a portion of debt.
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The transaction also marks Essar Global’s complete exit from the BPO business.
Mr Uday Gujadhur, Director - AGC Holding, said: "The closure of this transaction is yet another validation of Essar Global Fund’s commitment to reduce its leverage by monetising the non-core businesses in its portfolio. I congratulate CSP for investing in a high quality asset, like Aegis, in the BPO space and adding to its breadth of expertise."
Mr Sanjay Chakrabarty and Mr Mukesh Sharda, Managing Partners of CSP, jointly said: "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."
Mr Sandip Sen, Global CEO, Aegis, said, "I am thankful to the Essar management for incubating the BPO business and nurturing it through timely and strategic acquisitions. Essar’s support and guidance helped us grow and reach a stage where we could dream bigger and strive higher. I am very excited to have CSP join us as our new partners in Aegis’ growth journey."
Posted by Veronica Silva Cusi, news correspondent
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Published: Thursday, November 30, 2017