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Essar planning to sell Aegis

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The Essar Group, the large Indian conglomerate, is planning to sell off Aegis – its IT and BPO part of the business. According to a report by CNBC-TV18 the group has resumed the talks with private equity players that they were talking to about two-three years back. Some of the big names include KKR, Blackstone, Warburg Pincus, General Atlantic, Temasek say sources.

Except Wargus Pincus all the other players have plans of expanding their BPO business and it is understood that the interested parties have already sent expression of interest and are likely to begin the due diligence process by next month.

The valuation of the potential deal is pegged at around USD 1.5 billion by Essar Group, which they plan to divest into other businesses like shipping, power, steel. However, the group refused to give an official comment and said they would not like to comment on speculation.
June 16, 2014
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