The Aditya Birla Group today sold its Canada-based business and technology outsourcing arm, Aditya Birla Minacs Worldwide, to private equity investors, marking the exit from the IT sector.
According to sources, the main investor is a group led by Capital Square Partners and Ajay Relan-led CS Partners, and the deal size was about Rs 1,600 crore.
In a late night filing to the BSE, Aditya Birla Nuvo, the holding company, said, "The Board at a meeting held today cleared the sale of equity shares held directly and indirectly by company (ABNL IT & ITES, a wholly-owned subsidiary of ABNL) in Aditya Birla Minacs Worldwide and its underlying subsidiaries engaged in IT & ITES business."
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Minacs employs 21,000 people spanning 35 locations worldwide, and according to Nasscom is the sixth largest BPO firm in the country.