AGC Holdings Limited (AGC) Mauritius, a wholly owned portfolio company of Essar Global Fund Limited (Essar Global), has concluded the sale of 100% of its stake in ESM Holdings Limited, Mauritius, which is the holding company of Aegis, a major global outsourcing company, to Capital Square Partners (CSP) for US $ 300 Million (Approximately Rs.2,000 crore). Net proceeds from this sale, which was announced on 3 April 2017, will be used to retire Essar’s debt.
The closure of this transaction is in line with Essar’s intent to reduce leverage that is complemented by an asset monetisation programme. The proceeds from the sale of Aegis and Essar Oil have enabled Essar to retire almost Rs 75,000 crore of debt.
The transaction also 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.