Essar Group plans to sell BPO firm Aegis

Essar Group, the $17-billion Indian diversified conglomerate, is planning to sell its business process outsourcing (BPO) company Aegis, and has received offers from private equity firms, the Times of India reported.

Bain Capital and Kohlberg Kravis Roberts & Co, among others, have been in discussions and have made non-binding offers to buy out Aegis, which is expected to post $1-billion revenue in the current fiscal, said the paper.

The Essar Group, run by Shashi and Ravi Ruia, has appointed Standard Chartered Bank as adviser to the possible sale.

In February, Aegis was exploring the possibility of raising up to $400 million (Rs1,975 crore) through an US initial public offer around the middle of this year. (See: Aegis planning to tap market through $400 mn IPO)

"Aegis is looking at various equity raising options, but has nothing specific to announce at this point in time. All options relating to recapitalising our equity base are open," said an Aegis spokesperson in response to an emailed query from TOI on the potential sale. 

Founded almost 30 years ago in the US, Dallas, Texas and Mumbai-based Aegis is a global business services and experience management company that helps global brands deliver improved consumer experiences.

With a presence in 12 countries, 50 locations, and with more than 55,000 employees, Aegis manages over a billion customer interactions every year for over 300 clients across verticals such as BFSI, telecom, healthcare, travel and hospitality, consumer goods, retail, and technology.