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Essar acquires US BPO firm for $28 mn

Essar, in partnership with Deutsche Bank, has acquired 80% stake in Aegis Communication.

business Updated: Nov 07, 2003 19:16 IST

Essar group on Friday announced acquisition of a US-based business process outsourcing (BPO) company for about Rs 130 crore as part of its efforts to expand its telecom services globally.

"We have just acquired a US based BPO company," Essar Group chairman Shashi Ruia said.

Announcing acquisition of 80 per cent stake in Aegis Communication Group Inc in partnership with Deutsche Bank, Essar Teleholding officials said the acquired company was one of the largest call centre companies in the USA with a capacity of 5100 seats at its 11 centres spread across America.

Essar and Deutsche Bank have acquired this stake at a total transaction value of $28 million by way of equity, debt and warrants, said Essar Teleholdings CEO Vikash Saraf.

"This acquisition is part of the Essar group's strategy to expand its presence in the global telecom and teleservices business. It would make us a major global player in this segment", Saraf said.

First Published: Nov 07, 2003 19:16 IST