The Hindu : Business : Essar Global buys Bermuda-based BPO co.

Online edition of India's National Newspaper
Wednesday, Feb 21, 2007
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Business

Business

Essar Global buys Bermuda-based BPO co.

The deal with Chrys Capital is valued at Rs. 100 crore

NEW DELHI: Essar Global on Tuesday announced that it has acquired Global Vantedge, a Bermuda-based business process outsourcing (BPO) company, from Chrys Capital for about Rs. 100 crore to boost its presence in the BPO space.

This acquisition is expected to contribute over $25 million in revenues to the BPO business of Essar and is its fourth acquisition in the last one year, the other three being Customer First and Orion in India and Technion in the U.S. Essar already has a presence in the BPO segment through its wholly-owned subsidiary Aegis BPO.

Global Vantedge has more than 1,400 employees with facilities in Gurgaon in India and San Jose and Costa Rica.The company has a presence in the U.S., the U.K. and Australia.

Floor price for ESL

Meanwhile, Essar Shipping and Logistics Limited (ESLL) on Tuesday said it would buy out the remaining 23.54 per cent stake from the non-promoters and public shareholders of Essar Shipping Ltd. (ESL), the floor price for which has been fixed at Rs. 31.62 per share.

Essar Shipping and Logistics is a wholly owned subsidiary of Essar Global, with investments in shipping and logistics business.

ESLL would acquire up to 100.30 million shares of Essar Shipping with the purpose of delisting the equity shares of ESL from the Bombay Stock Exchange. — PTI

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