Birlas exit IT, sell Canada-based Minacs to PEs for Rs 1,600cr

The Aditya Birla Group today sold its Canada-based business and technology outsourcing arm, Aditya Birla Minacs Worldwide, to private equity investors, marking the exit from the IT sector.

According to sources, the main investor is a group led by Capital Square Partners and Ajay Relan-led CS Partners, and the deal size was about Rs 1,600 crore.

In a late night filing to the BSE, Aditya Birla Nuvo, the holding company, said, "The Board at a meeting held today cleared the sale of equity shares held directly and indirectly by company (ABNL IT & ITES, a wholly-owned subsidiary of ABNL) in Aditya Birla Minacs Worldwide and its underlying subsidiaries engaged in IT & ITES business."

Sources said the Singapore-based Capital Square Partners is the main investor. The PE fund is led by Samrat Ganguly as managing partner.

Minacs employs 21,000 people spanning 35 locations worldwide, and according to Nasscom is the sixth largest BPO firm in the country.