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Aditya Birla Nuvo to sell
BPO unit Minacs for 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
2014-02-05
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