Essar to sell Aegis for $300 million, exit BPO business

To use money to retire its debt

The Ruias-led Essar Group on Monday said it would sell its business process outsourcing (BPO) unit, Aegis, to Singapore-based private equity firm Capital Square Partners, and exit its BPO business.

Essar would use $300 million (Rs 1,950 crore) from the deal to retire a part of its debt, at present about Rs 88,000 crore. Last week, two Essar group firms — one in the oil refinery business, the other in steel — missed March deadlines to sell their stakes, adding pressure on the promoters.

The group has been under pressure to sell assets and retire debt. It is also in