Essar Completes the Sale of Aegis USA Inc. to Teleperformance

NEW YORK, August 8, 2014 /PRNewswire/ --

Essar Global Fund Limited ("Essar Fund") today announced that it has completed the sale of Aegis USA Inc. ("AUI"), a major outsourcing company in the United States, the Philippines and Costa Rica to Teleperformance through AGC Holdings Limited ("Aegis"), a wholly owned portfolio company of Essar Fund.

Aegis will retain and continue to grow the remainder of the BPO business globally across India, Sri Lanka, Malaysia, Australia, South Africa, Peru, Argentina, Saudi Arabia and the UK.

Uday Gujadhur, Board Member, Essar Capital Limited, fund manager for Essar Global Fund Limited said: "We would like to announce the successful completion of sale of AUI. Essar entered the BPO business through the acquisition of Aegis Communications Group, USA in 2004 and has since then contributed significantly to the development of Aegis' business in the USA, the Philippines and Costa Rica. The transaction fits Essar Fund's strategy of building world class businesses and actively managing the portfolio of assets to deliver value. Teleperformance is a leader in multi-channel customer experience management and this transaction emphasizes the value that Essar and the AUI management team together have created in building a high-quality business with a strong market position. It also creates an exciting future platform for AUI customers, employees and stakeholders."

The AUI transaction, which represents revenue of US$ 400 million and has more than 19,000 full time employees across 16 centers in three countries, was originally announced on July 9, 2014.

About Aegis 

Aegis ("AGC Holdings Limited, Mauritius") is a global outsourcing and technology company committed to impacting clients' business outcomes by focusing on enhancing customer experience across all touch points and channels. Essar made a foray into the BPO business through the acquisition of Aegis Communication Group, USA in 2004. Aegis has since then leveraged its global best practices, domain expertise and customer experience methodology to support and expand client base and scale.

Aegis has operations in 37 locations across 9 countries with more than 37,000 employees. Aegis services clients across verticals such as Banking and Financial Services, Insurance, Technology, Telecom, Healthcare, Travel & Hospitality, Consumer Goods, Retail, and Energy & Utilities.

About Essar  

Essar Global Fund Limited ("Essar Fund") is an investment fund managed by its investment manager, Essar Capital Limited. The Fund is a global investor, controlling a number of world-class assets diversified across the core sectors of Energy, Metals & Mining, Infrastructure (comprising ports and EPC businesses) and Services (primarily comprising shipping and BPO businesses). The aggregated revenues of the Fund's portfolio companies total US$35 billion.  The Fund's portfolio companies employ over 73,000 people across 29 countries, and have adopted international standards of health, safety, environmental protection and corporate governance. 

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SOURCE ESSAR