Aditya Birla Group to Acquire Minacs Worldwide

The Aditya Birla Group, as reported by Business Wire announced that they have

entered into a definitive agreement with Minacs Worldwide Inc., Canada's leading

BPO provider, to offer CDN$5.50 per share in cash for all outstanding common

shares of Minacs on a fully-diluted basis. The open offer for acquisition will

be made through TransWorks, a leading Indian BPO provider and a wholly owned

subsidiary of Aditya

Birla Nuvo Limited. The total expected cost of the acquisition will be

approximately US$125 million including payment for all common shares, and

in-the-money option and warrant securities of the company. The combined business

will have a revenue base of approximately US$300M.






Says Mr. Kumar Mangalam Birla, Chairman of Aditya Birla Group, "The
acquisition demonstrates our commitment to emerge as a leading global BPO

services provider and expand our global footprint. The integrated expertise of

both companies will create and provide more powerful and compelling BPO

solutions to clients. The result will be firm with distinctive industry

knowledge and execution capability delivered through a unique same-shore,

near-shore and offshore global delivery platform. The objective will be to

reliably deliver outstanding BPO services to global clients from anywhere in the

world.






Mr. Norman Betts, Chairman of the Board of Directors of Minacs, said: "I am
very pleased that we have been able to find a great new partner in TransWorks

for our customers and for our shareholders. I am proud of this agreement and the

future it secures."






Mr. Sanjeev Aga, Managing Director of Aditya Birla Nuvo stated that with this
transaction, they would create a world class BPO leader in both the onshore and

offshore sectors.

ReichmannHauer Capital Partners, a Toronto based private investment firm,

partnered with the Aditya Birla Group evaluates the transaction and intends to

invest in the combined entity. "The combination of Transworks and Minacs

creates a BPO provider well positioned for industry leadership. The resulting

firm will have an outstanding global delivery footprint, superior solutions

offerings, and strong brands and customer relationships", said Philip

Reichmann, co-founding partner of RHCP.






The deal is expected to be completed by the end of August, subject to necessary
approvals and other conditions.






This is Aditya Birla Group's third venture in Canada. The Group operates two
companies in Canada, the Atholville Pulp Mill and the Nackawic Pulp Mill in the

Province of New Brunswick. In India, the Group has a JV in financial services

with Sun Life of Canada and a JV in aluminium business with Alcan.