INDIA: Aditya Birla Nuvo sells IT outsourcing unit
Indian conglomerate Aditya Birla Nuvo has agreed to sell is business and technology outsourcing firm, Aditya Birla Minacs, to a group of investors for US$260m.
The investors are led by private equity firms Capital Square Partners and CX Partners. The deal is expected to close in the next two to three months, subject to the requisite customary and regulatory approvals.
Sushil Agarwal, whole time director and CFO of Aditya Birla Nuvo, said: "The cash flow from the divestment of Minacs will support the growth plans of Aditya Birla Nuvo and ensure greater focus in its other businesses."
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