MUMBAI Jan 31 India's Aditya Birla Nuvo Ltd
, a unit of diversified Aditya Birla Group, has agreed
to sell its business process outsourcing unit Minacs to a group
of investors for $260 million.
The group of investors is led by private equity firms
Capital Square Partners (CSP) and CX Partners (CXP), the company
said in a statement on Friday, adding the deal is expected to be
closed in two to three months.
Minacs posted sales of $450 million and a net profit of $23
million in the fiscal year ended March 31, 2013. The company
employs 21,000 people across 35 centres in 10 countries, the
company said in a statement.
Aditya Birla Nuvo said it decided to sell Minacs to pursue
"multiple" other growth opportunities. Macquarie Capital acted
as financial adviser to the private equity consortium.
(Reporting by Archana Narayanan; Editing by Anand Basu)