A private equity-backed consortium has bought Indian business processing outsourcing company Minacs from Aditya Birla Nuvo for $260m.
The unit was acquired by a group of investors led by Capital Square Partners and CX Partners.
Minacs, which Aditya bought for $265m in 2006, posted a $23m profit on revenues of $450m last year.
Capital Square partners Sanjay Chakrabarty and Aparup Sengupta said, “We are both very excited to embark on this new beginning with Minacs. This is a great company with exciting potential and a promising future.”
In March last year Ait was reported that CX was expected to hold a first close of between $100m and $150m for its new mezzanine fund within weeks.
India-focused CX Partners currently has about $515m under management in a single private equity fund, CX Partners I, which it raised in 2009.
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