Essar group in partnership with Deutsche Bank has acquired 80 per cent equity stake in US-based Aegis Communications Group Inc for a consideration of $28.23 million.

With a turnover of $142 million Aegis one of the largest call centre companies in the US and has a capacity of over 5,100 seats in eleven locations in the US.

The Texas based call centre company which has over 4,300 employees specialises in customer care outsourced telemarketing, online customer services which include e-mail responses, real-time chat and data collection.

Its major clients include AT & T, American Express, Qwest Communications amongst others.

The Essar-Deutsche Bank combine piqued software giant AllServe which was the other contender for the company with which Aegis had signed an agreement earlier.

Commenting on the acquisition Vikash Saraf CEO Essar Teleholdings - the telecom holding company of the group said: "We are delighted to be partnering with Deutsche Bank in this important acquisition and together we expect to be able to add significant value the operations of Aegis".

Herman Schwarz president and CEO of Aegis pointed out: "We are excited about the opportunities that we have to leverage the brand recognition of our new owners and in ultilising their resources to open off shore capacity and penetrate new markets."

Aegis plans to set up operations in India to support the offshore requirements of its customers. The acquisition has been made as part of Essar group's telecom and teleservices business.

The group under its joint venture with Hutchison Whampoa operates GSM telephony services in India with over 4 million subscribers.

Aegis Communications is a publicly traded company which was set up by financial partners Questor Management Company-which manages more than $1 billion of equity investments and Thayer Capital a fast growing private equity investment firm.

In accordance with the terms of the agreement Aegis will be required to repay or retire obligations of various lenders from the proceeds of this transaction.

The cost of transaction including the expenses of Deutsche Bank and Essar will also be paid out of these proceeds to the extent possible.

The Essar group is in the process of consolidating its telecom business in India into a proposed holding company with Hutchison in which it is expected to have around 36 per cent equity stake.