MUMBAI: The embattled Essar Group these days announced the closure of its BPO arm Aegis sale for Rs 2,000 crore and said it has been ready to pare debt via Rs 75,000 crore, thanks to the proceeds from the hot sale of its refinery business.
The company announced the realization of the Rs 2,000 crore sale of Aegis to Capital Square Partners (CSP), marking its exit from the business process outsourcing (BPO) business. Earlier, it had concluded a $13 billion deal to promote its oil business to Russia's Rosneft.
A July media document had pegged the full debt of the gang at Rs 1.38 trillion. Some studies had said the Rosneft deal by myself would have helped it pare debt via Rs 70,000 crore.
However, it used to be no longer immediately clear concerning the ranges to which the debt of the gang has come right down to.
The diverse conglomerate has been promoting off belongings to pare its top debt, which has observed it exiting the oil business and in addition promote realty holdings, except Aegis, the BPO arm.
"Net proceeds from this sale (of Aegis)...will be used to retire our debt at the group level," Essar said in observation.
"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," it added.
The Aegis sale used to be announced on this April 3 and concerned AGC Holdings Mauritius, a wholly-owned portfolio company of Essar Global, promoting 100 in keeping with cent stake in ESM Holdings Mauritius, the retaining company of Aegis, to CSP, a Singapore-based private fairness fund.
The observation said Essar had bought Aegis Communication in 2003 and it has now grown over tenfold to grow to be a vital participant in the outsourcing industry.
Aegis is found in 9 nations, together with India, South Africa, Australia, Saudi Arabia, England, Argentina, Sri Lanka, Peru and Malaysia.
Under Essar, it performed 19 acquisitions and they all have been a hit, the observation said.
"The closure of this transaction is yet another validation of Essar Global Fund's commitment to reduce its leverage by monetising the non-core businesses," Uday Gujadhur, director of AGC Holding, said in the observation.
"We are keenly taking a look ahead to working with the Aegis management crew to develop its global footprint and toughen
its features and excellence in provider to its consumers," CSP managing companions Sanjay Chakrabarty and Mukesh Sharda said in a joint observation.
The company announced the realization of the Rs 2,000 crore sale of Aegis to Capital Square Partners (CSP), marking its exit from the business process outsourcing (BPO) business. Earlier, it had concluded a $13 billion deal to promote its oil business to Russia's Rosneft.
A July media document had pegged the full debt of the gang at Rs 1.38 trillion. Some studies had said the Rosneft deal by myself would have helped it pare debt via Rs 70,000 crore.
However, it used to be no longer immediately clear concerning the ranges to which the debt of the gang has come right down to.
The diverse conglomerate has been promoting off belongings to pare its top debt, which has observed it exiting the oil business and in addition promote realty holdings, except Aegis, the BPO arm.
"Net proceeds from this sale (of Aegis)...will be used to retire our debt at the group level," Essar said in observation.
"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," it added.
The Aegis sale used to be announced on this April 3 and concerned AGC Holdings Mauritius, a wholly-owned portfolio company of Essar Global, promoting 100 in keeping with cent stake in ESM Holdings Mauritius, the retaining company of Aegis, to CSP, a Singapore-based private fairness fund.
The observation said Essar had bought Aegis Communication in 2003 and it has now grown over tenfold to grow to be a vital participant in the outsourcing industry.
Aegis is found in 9 nations, together with India, South Africa, Australia, Saudi Arabia, England, Argentina, Sri Lanka, Peru and Malaysia.
Under Essar, it performed 19 acquisitions and they all have been a hit, the observation said.
"The closure of this transaction is yet another validation of Essar Global Fund's commitment to reduce its leverage by monetising the non-core businesses," Uday Gujadhur, director of AGC Holding, said in the observation.
"We are keenly taking a look ahead to working with the Aegis management crew to develop its global footprint and toughen
its features and excellence in provider to its consumers," CSP managing companions Sanjay Chakrabarty and Mukesh Sharda said in a joint observation.
Essar closes Rs 2k cr Aegis sale; retires Rs 75k cr debt
![Essar closes Rs 2k cr Aegis sale; retires Rs 75k cr debt]()
Reviewed by Kailash
on
November 28, 2017
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