Mumbai: ABNL IT & ITeS Ltd., a wholly owned subsidiary of Aditya Birla Nuvo Ltd. (ABNL), today announced that it has entered into an agreement to divest its IT-ITeS subsidiary, Aditya Birla Minacs Worldwide Limited, subject to customary closing conditions, third party consents and regulatory approvals. Pursuant to a share purchase agreement with a group of financial investors led by Capital Square Partners (CSP) and CX Partners (CXP), ABNL IT & ITeS Ltd will divest Aditya Birla Minacs at an Enterprise Value of US$260 million subject to the working capital adjustments. Aditya Birla Nuvo, a US$4.75 billion conglomerate, entered the ITeS sector in 2003 through acquisition of TransWorks, a US$12 million company. Later to provide scale to the business, TransWorks acquired Minacs, a US$265 million company in 2006. Committed to its turnaround and growth, ABNL supported Minacs over the years, to attain revenue of ~US$450 million (Rs.2,466 crore) and net profit of ~US$23 million (Rs.125 crore) in fiscal 2012-13. Today, Aditya Birla Minacs has risen to the stature of a global business solutions provider that partners with global corporations through its 35 centres spanning 10 countries across three continents. To further expand its scale, enhance its competitive advantage and attain the next level of growth, Minacs requires capital investments.