Aditya Birla Nuvo Ltd to sell outsourcing unit Minacs for $260 million

Jan 31 2014, 16:42 IST
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Aditya Birla Nuvo's Minacs unit employs 21,000 people across 35 centres in 10 countries. (Thinkstock) Aditya Birla Nuvo's Minacs unit employs 21,000 people across 35 centres in 10 countries. (Thinkstock)
SummaryAditya Birla Nuvo has agreed to sell its business process outsourcing unit Minacs.

Aditya Birla Nuvo Ltd, 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.

Aditya Birla's 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.

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