ABNL IT & ITES Ltd completes divestment of Aditya Birla Minacs
9th May, 2014
ABNL IT & ITES Ltd., a wholly owned subsidiary of Aditya Birla Nuvo Limited (ABNL), today announced the completion of the divestment of Aditya Birla Minacs Worldwide Limited, to a group of financial investors led by CX Partners and Capital Square Partners. The transaction was announced on 30 January 2014 through a media release.
Dr. Rakesh Jain, Managing Director, Aditya Birla Nuvo, said, "Our association with Minacs began in 2006, and goes back earlier with the Aditya Birla Group's entry into IT-ITeS as a sector. This relationship does not come to an end here, as our Group companies will continue to work with Minacs, given its domain expertise and reputation as a global business solutions provider."
The effective date of the divestment is 9 May 2014.
Post the divestiture of Carbon Black Business last year, the divestment of IT-ITeS Business is one more step taken by ABNL in the direction of ensuring greater focus in its core businesses.
The proceeds from the divestment will reduce the consolidated debt of ABNL, strengthen its balance sheet and support its growth plans in other businesses.
About Aditya Birla Nuvo Ltd
Aditya Birla Nuvo is a ~US$4 billion conglomerate operating in the services and the manufacturing sectors, where it commands a leadership position. Its service sector businesses include Financial Services (Life Insurance, Asset Management, NBFC, Private Equity, Broking, Wealth Management and general insurance advisory), Fashion & Lifestyle (Branded apparels and Textiles) and Telecom. Its manufacturing businesses comprise Agri, Rayon and Insulators Businesses.
Aditya Birla Nuvo is part of the Aditya Birla Group, a US$40 billion Indian multinational. The Group operates in 36 countries across the globe, is anchored by an extraordinary force of over 136,000 employees belonging to 42 nationalities and derives more than 50 per cent of its revenue from its overseas operations.
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