India's Essar in talks to raise up to $600 mln for BPO arm-sources
MUMBAI, March 6 |
MUMBAI, March 6 (Reuters) - The IT services arm of Indian steel-to-oil conglomerate Essar Group is in talks to raise $500 million to $600 million through a U.S. initial public offering and the sale of a stake to private equity firms, sources familiar with the matter said.
Essar's Aegis Ltd is in talks with private equity investors including U.S.-based Warburg Pincus and General Atlantic to raise as much as $200 million in an equity placement prior to an IPO, sources said, declining to be named as they were not authorised to speak to the media before public announcement.
Aegis aims to raise as much as $300 million to $400 million in a U.S. listing, the sources said.
The parent of Aegis, Essar Group, is controlled by Indian billionaire brothers Shashi and Ravi Ruia, and also controls London-listed Essar Energy and has interests in steel, ports and logistics.
An Essar spokesman said: "As a policy, Essar Group would not like to comment on speculations."
Warburg Pincus declined to comment, while General Atlantic did not immediately respond to an email seeking comment.
Last month, Aegis's CEO said the company was planning to raise between $300 million and $400 million through an IPO in the United States, United Kingdom or India to expand its business and research and development..
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