ChrysCapital sells Global Vantedge BPO to Essar-owned Aegis Communications

ChrysCapital has sold one of its portfolio companies, Global Vantedge, a credit and receivables management BPO to the Essar-owned Aegis Communications for around Rs. 100 crores. ChrysCapital had set up the Global Vantedge in 2001 and owned 75% in the firm. Global Vantedge is headquartered in the US and employs around 1500 people in two centres in Gurgaon. It specializes in credit and receivables management and its customers include credit card, telecom and auto companies, mostly in the US and UK.

Aegis has a turnover of around $180 mn and employs over 9000 people in India and USA, operating from 24 centres and 18 cities around the world. It offers multi-channel customer relationship management services including customer acquisition and customer services, back office services, as well as value-added services. These services are offered across verticals such as telecom, retail, financial services, energy, education and logistics. The credit and receivable management services of Global Vantedge will strengthen Aegis’ customer relationship management portfolio. Essar and Deutsche Bank had bought 80% share in Texas-based Aegis Communications for $28 mn in November 2003. Subsequently, the Essar Group increased its stake in the company.

Read The Economic Times article.

Essar Group to de-list Essar Steel and Essar Oil

The Essar Group plans to de-list Essar Steel and Essar Oil following a similar move by the group on Essar Shipping last month. The proposed de-listing is aimed at gaining more flexibility in running the companies. The group has already de-listed its BPO subsidiary Aegis Communications and telecom arm Essar Teleholdings from the US and domestic bourses. The Essar Group is in the midst of organizational restructuring and might list its holding firm Essar Global with an overseas bourse, though not as of now. Six holding companies for six businesses, namely, power, steel, energy, shipping, communications and special economic zones, have been set up to handle the group’s interests across the globe.

Read the Business Standard article.