Aditya Birla to sell outsourcing unit Minacs for $260 million

Tags: Companies
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.

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 and a net profit of $23 million 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.

EDITORIAL OF THE DAY

  • Annual reports make sense only if accountable governance is in place

    It’s a sign of a lack of imagination to expect an annual report by a party in power to pull out some impressive performance given the complex nature

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Amita Sharma

Political rhetoric makes for counter poetry

Poetic flourishes flavour politics. Ghalib and Hafez flowed profusely to ...

Zehra Naqvi

Watch your words, for they can kill

You must’ve heard the ph­rase ‘if looks could kill’. Ever ...

Dharmendra Khandal

Biodiversity day has come and gone. Yet again

Every year on May 22, world celebrates international biodiversity day. ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture