ABNL IT & ITES, a wholly-owned subsidiary of Aditya Birla Nuvo (ABNL), today completed the divestment of Aditya Birla Minacs Worldwide to a group of financial investors, led by CX Partners and Capital Square Partners.
"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," Aditya Birla Nuvo Managing Director Rakesh Jain said in a statement.
The proceeds from the divestment will be used to reduce consolidated debt of ABNL and support its growth plans in other businesses.
The effective date of the divestment is May 9, the transaction of which had been announced on January 30.
Post sale 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 on its core businesses.
