The Competition Commission has approved the sale of Essar Group's BPO company Aegis Ltd to Singapore-based private equity fund manager Capital Square Partners (CSP).
In a tweet, the Competition Commission of India (CCI) said that it has approved "acquisition by CSP Alpha of 100 per cent share capital of ESM Holdings Ltd".
CSP Alpha is a special purpose vehicle managed by CSP and its affiliates.
The transaction relates to an acquisition of 100 per cent share capital of ESM Holdings, a wholly owned subsidiary of AGC Holdings Limited, by CSP Alpha.
Under the deal announced by Essar group last month, AGC Holdings Ltd (AGC) Mauritius, a wholly-owned portfolio company of Essar Global Ltd, had entered into a definitive agreement with CSP to sell 100 per cent of its stake.
The sale, estimated at USD 275-300 million, marks Essar's complete exit from BPO business.
As a result of the proposed transaction, CSP Alpha will indirectly acquire majority share capital in Aegis Customer Support Services Private Ltd (a subsidiary of ESM Holdings), which will house the business process outsourcing (BPO) business of the target company.
Essar, which entered the BPO business in 2004 with the acquisition of the US-based Aegis Communications Group, had last month said, "the net proceeds of this sale will be used to retire Essar's debt".