Essar Group exits BPO business, sells Aegis to PE firm

Essar Group has announced its final exit in the BPO business after selling Aegis Ltd to a Singapore-based private equity (PE) fund manager Capital Square Partners for an estimated USD275m–USD300m. Aegis has revenues of USD400m and employs more than 40,000 people across 47 centres in 10 countries. India accounts for 25% of the firm’s revenues. The group entered the BPO business through the purchase of US-based Aegis, which then had revenues of USD60m and 1,000 employees. Three years ago, it started to monetise its investments in the BPO business by selling part of the unit—Aegis US, Philippines, and Costa Rica—to France’s Teleperformance for USD610m.