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."
- Euro decline weighs on Turkish clothing industry
- G-Star RAW pushes the boundaries of denim
- VF Corp confirms interest in Africa sourcing
- Mexico makers see rise in exports and local demand
- Asian union development and the Western response
- UK retailers to answer over human trafficking
- LF Corp to streamline planning and sourcing
- Eliminating risk tops sustainability agenda
- US upgrade paves way for Malaysia in TPP
- Euratex raises rules of origin issues in TPP talks
- Ethiopia – the emerging textile and clothing industry
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Management briefing: Factory safety and auditing: The key challenges
- Global market review of workwear - forecasts to 2019
- Sustainable Textiles for Apparel: Fact, Fiction and Future Prospects