TORONTO, ON and BANGALORE, INDIA, Jan 30, 2014 - Aditya Birla Minacs, a global business solutions company, today announced that an investor group led by reputed financial investors Capital Square Partners (CSP) and CX Partners (CXP) has entered into an agreement to acquire Aditya Birla Minacs from ABNL IT & ITeS Ltd., a wholly owned subsidiary of Aditya Birla Nuvo Ltd. (ABNL), a USD 4.75 billion conglomerate, at an enterprise value of USD 260 million subject to the working capital adjustments. The transaction is subject to customary closing conditions, third party consents and regulatory approvals, and is expected to close in 2 - 3 months.
Dr. Rakesh Jain, Managing Director, Aditya Birla Nuvo, said, "Considering ABNL's capital commitment and growth plans for other businesses, the Company has decided to divest Minacs. We are confident that the new shareholders will provide the requisite direction to Minacs and enable it to rise to its full potential."
Investors Sanjay Chakrabarty and Aparup Sengupta, Partners of CSP, an investment holding company investing partners' principal capital in private companies, jointly stated, "We are extremely excited about our acquisition of Minacs, a storied BPO player with a rich, three-decade history of serving a blue chip roster of clients. We see tremendous opportunity to add value to Minacs' strategic roadmap by building on its great capabilities in customer lifecycle, marketing and other back office services."
Mr. Ajay Relan, Managing Partner of CX Advisors, advisors to CXP, a leading USD 500+ million private equity fund, said, "We are indeed excited to be a part of this new journey of Minacs in the coming years."
Deepak Patel, CEO, Minacs remarked, "We have built a solid foundation with Aditya Birla Nuvo, an Aditya Birla Group company, as our parent. With our new investors' extensive domain experience, we see further impetus to Minacs' strategic vision. We now look forward to the opportunity of enhancing our competitive advantage as a global outsourcing business solutions company. Towards this goal, we will invest in extending our capabilities, scale, technology platforms, cutting-edge expertise and delivery centers. We are committed to leveraging our rich heritage to become an even stronger, value-adding business partner to our clients, and a leading provider of CRM, marketing and transaction processing services."
Aditya Birla Minacs is a leading business solutions company that partners with global corporations in the manufacturing, retail, telecom, technology, media and entertainment, banking, insurance, healthcare and public sectors. We leverage years of process, domain and technology expertise to deliver superior business value to clients with our seamless Customer Lifecycle, Marketing, Finance and Accounting, Procurement and IT solutions and services. 21,000 Minacs experts across 3 continents and 35 centers spanning Canada, Germany, Hungary, India, Jamaica, Philippines, the UK and USA power our solutions through a global delivery model that helps our clients enhance revenues, profitability and customer service. Visit www.minacs.adityabirla.com for more information.
About Aditya Birla Nuvo
Aditya Birla Nuvo is a USD 4.75 billion conglomerate. Over the years, it has successfully ventured into the service sectors namely, Financial Services (Life Insurance, Asset Management, NBFC, Private Equity, Broking, Wealth Management and general insurance advisory), Fashion & Lifestyle, Telecom, and IT-ITeS. Its razor sharp focus on manufacturing businesses has made it a leading player in the Agri, Rayon and Insulators sectors.
Aditya Birla Nuvo is part of the Aditya Birla Group, a USD 42 billion Indian multinational. The Group operates in 36 countries across the globe, is anchored by an extraordinary force of over 136,000 employees belonging to 42 nationalities and derives more than 50% of its revenue from its overseas operations.
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in our filings with the regulators in India and to our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
For more information, please contact:
SOURCE: Aditya Birla Minacs