The Competition Commission has approved the sale of Essar Group’s BPO company Aegis Ltd to Singapore-based private equity fund manager Capital Square Partners (CSP).
In a tweet, the Competition Commission of India (CCI) said that it has approved “acquisition by CSP Alpha of 100 per cent share capital of ESM Holdings Ltd”.
CSP Alpha is a special purpose vehicle managed by CSP and its affiliates.
The transaction relates to an acquisition of 100 per cent share capital of ESM Holdings, a wholly owned subsidiary of AGC Holdings Limited, by CSP Alpha.
Under the deal announced by Essar group last month, AGC Holdings Ltd (AGC) Mauritius, a wholly-owned portfolio company of Essar Global Ltd, had entered into a definitive agreement with CSP to sell 100 per cent of its stake.
The sale, estimated at USD 275-300 million, marks Essar’s complete exit from BPO business.
Essar, which entered the BPO business in 2004 with the acquisition of the US-based Aegis Communications Group, had last month said, “the net proceeds of this sale will be used to retire Essar’s debt”.
