Capital Square Partners announces the acquisition of Aegis BPO from the Essar Group

  • Sale marks CSP’s second buyout in the BPO services sector

  • Aegis has revenues of US$400 million and 40,000 employees in 10 countries, with leadership in Telecommunication sector

  • Transaction likely to close during Q1 of FY17-18, subject to regulatory approvals and other customary closing conditions

Singapore, 3 April, 2017 – Capital Square Partners (“CSP”) has entered into a definitive agreement with AGC Holdings Limited (AGC) Mauritius, a wholly owned portfolio company of Essar Global Limited (Essar Global), to acquire 100% of its stake for an undisclosed amount in ESM Holdings Limited, Mauritius, which is the holding company of Aegis, a major global business process outsourcing company.

This marks CSP’s second buyout in the BPO services sector since 2014.

Essar entered the BPO business in 2004 with the acquisition of the US-based Aegis Communications Group, with 2,000 employees.  In 2014, AGC announced the successful sale of Aegis USA Inc (comprising Aegis’ operations in the USA, the Philippines and Costa Rica) to Teleperformance. Since then, Aegis has grown substantially in terms of headcount, revenues, product offerings and customer base becoming a preferred vendor for many premium clients in key industries, such as telecommunications, technology, media, banking, financial services & insurance, travel & logistics, retail and eCommerce. Currently, Aegis has revenues of around US$400 million, and employs more than 40,000 people across 47 centres in 10 countries with operations in India, the UAE, Sri Lanka, Malaysia, Australia, South Africa, Peru, Argentina, Saudi Arabia and the UK.

Mr Sanjay Chakrabarty and Mr Mukesh Sharda, Managing Partners of CSP, jointly said "We are excited about the opportunity to work with the Aegis management team in embarking on the next stage of growth, by focusing on innovation and adding our sector knowledge and expertise to build on the core values of customer focus, agility and service excellence of Aegis.

Mr Uday Gujadhar, Director AGC Holdings Limited Mauritius, said: “This transaction is in line with our strategy of incubating, building and operating world-class businesses, and being open to monetizing them at a premium value when the market conditions are favourable. I congratulate my colleagues at Aegis for growing the business to a level where it has attracted an investor like CSP, which has extensive domain experience to ensure that the company continues to grow and prosper, thus rewarding both its people and customers.”

Mr Sandip Sen, Managing Director, Aegis, said, "Aegis has established itself as a high value service provider to its customers. We shall continue to provide quality service to our esteemed customers and be an employer of choice. I am confident that the added capabilities of our new shareholder will present an even more compelling value proposition to the marketplace.”

Mr Bharat Rao, former Managing Director at Credit Suisse, who joined CSP in June 2016 as a Managing Partner, said, “Aegis is a premier platform across emerging markets delivering global best in class performance standards. We see significant opportunities to leverage and grow its South-east Asia capabilities.”

Mr. Aparup Sengupta, the former CEO of Aegis and currently an Operating Partner with CSP, will join as Chairman of the Board of Directors of Aegis. Mr. Sengupta was formerly the Executive Chairman of Minacs, a BPO that CSP acquired in 2014. Minacs was sold to Synnex Corporation, an NYSE listed company in July 2014.

KPMG advised CSP on Financial and Tax matters whilst Shearman & Sterling, and Shardul Amarchand Mangaldas acted as legal advisors to CSP. The transaction is expected to close during the first quarter of FY 2017-18, subject to receiving regulatory approvals and other customary closing conditions. 


About Aegis

Aegis is a leading outsourcing business solutions partner to global corporations in the telecom, technology, media, Banking Financial Services and Insurance, travel and logistics, Retail and E-commerce and public sectors. 40,000+ Aegis experts across 47 centers worldwide deliver customer lifecycle management, technology services, back office services and social media analytics to power superior business results for clients. Visit to learn more about solutions for global enterprises and their customers.


About Capital Square Partners

Capital Square Partners is a private equity fund manager based in Singapore, and regulated by the Monetary Authority of Singapore (MAS). It primarily invests in buyouts and control investments across South East Asia and India, with a focus on TMT, Healthcare, Business Services and Consumer sectors. Its investments in the Technology Services and BPO sectors include CSS Corp, and Indecomm Corp. Previously, its portfolio included MINACS (invested in early 2014), a global BPO company which was subsequently acquired by Concentrix in late 2016. Additional information on CSP can be found at


 About Essar

Essar Global Fund operates a number of world-class assets diversified across the core sectors of Energy, Metals & Mining, Infrastructure and Services (primarily comprising shipping and BPO businesses). The aggregated revenues of the Fund’s portfolio companies total US$27 billion. The Fund’s portfolio companies employ over 60,000 people across four continents.