Aditya Birla Nuvo Ltd, a unit of diversified Aditya Birla Group, has agreed to sell its business process outsourcing unit Minacs to a group of investors for $260 million.
The group of investors is led by private equity firms Capital Square Partners (CSP) and CX Partners (CXP), the company said in a statement on Friday, adding the deal is expected to be closed in two to three months.
Aditya Birla's Minacs posted sales of $450 million and a net profit of $23 million in the fiscal year ended March 31, 2013. The company employs 21,000 people across 35 centres in 10 countries, the company said in a statement.
Aditya Birla Nuvo said it decided to sell Minacs to pursue "multiple" other growth opportunities. Macquarie Capital acted as financial adviser to the private equity consortium.