Aion acquires BPO arm of India's Interglobe
Aion Capital Partners, a special situations joint venture between Apollo Global Management and ICICI Venture, has acquired Interglobe Technologies (IGT), the business process outsourcing (BPO) division of Indian travel conglomerate Interglobe Enterprises.
IGT was founded in 1998 by Interglobe, which owns Indian budget airline IndiGo along with interests in the hospitality, pilot training, vehicle maintenance, and airline management industries. It provides information technology and BPO services for the global travel sector, with more than 70 customers in the airline, hotel, railway, and cruise industries.
Financial terms of the transaction have not been announced, though Indian media outlets have reported its value at around $230 million. Aion plans to support IGT’s growth plans as the company expands its service offerings and enters new areas in the travel sector, with a particular focus on improving travelers’ digital experience.
Apollo and ICICI launched Aion in 2013 to invest in distressed Indian companies, and the firm closed its debut fund at $825 million the following year. It seeks to deliver risk-adjusted returns by investing in equity and debt and attractive values and at favorable points in the capital structure.
The firm's deals include broadcast technology services provider PlanetCast Media Services, which was acquired in 2017. Aion and JSW Steel also won approval from India’s National Company Law Tribunal (NCLT) last year to buy bankrupt metals firm Monnet Ispat & Energy for INR28.5 billion ($408 million). The NCLT was established under India’s new bankruptcy code to streamline the disposal of non-performing assets.
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