Essar announces of Aegis sale to Capital Square Partners

KOLKATA/MAURITIUS/SINGAPO
3 Apr 2017

AGC Holdings Limited (AGC) Mauritius, a wholly owned portfolio company of Essar Global Limited (Essar Global), has entered into a definitive agreement with Capital Square Partners (CSP) to sell 100% of its stake for an undisclosed amount in ESM Holdings Limited, Mauritius, which is the holding company of Aegis, a major global outsourcing company. Net proceeds of this sale will be used to retire Essar’s debt.
This 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.
Uday Gujadhur, Director-AGC, said: “This transaction is in line with our strategy of incubating, building and operating world-class businesses, and being open to monetizing them at a premium value when the market conditions are favourable. I congratulate my colleagues at Aegis for growing the business to a level where it has attracted an investor like CSP, which has extensive domain experience and deep understanding of South East Asia to ensure that the company continues to grow and prosper, thus rewarding both its people and customers.”
Sanjay Chakrabarty and Mukesh Sharda, Managing Partners of CSP, jointly said "We are excited about the opportunity to work with the Aegis management team in embarking on the next stage of growth, by focusing on innovation and adding our sector knowledge and expertise. The Essar group has built this company and achieved significant scale and value creation, and we look forward to continue to build on the core values of customer focus, agility and service excellence of Aegis.
Sandip Sen, Managing Director, Aegis, said, "Aegis has established itself as a high value service provider to its customers. We shall continue to provide quality service to our esteemed customers and be an employer of choice. I am confident that the added capabilities of our new shareholder will present an even more compelling value proposition to the marketplace.” (EOIC)