Essar Global Ltd said it would sell Aegis Ltd to Singapore-based private equity firm Capital Square Partners, marking its exit from the BPO business and helping to retire its debt.
AGC Holdings Ltd (AGC) Mauritius, a portfolio company of Essar Global, will sell its entire stake for an undisclosed amount, in ESM Holdings Ltd Mauritius, the holding company of Aegis, Essar said on Monday.
Essar entered the BPO business in 2004 with the acquisition of U.S.-based Aegis Communications Group.
The deal is likely to close in the first quarter of FY17-18.
(Reporting By Samantha Kareen Nair in Bengaluru)