3i Info to sell unit for 617 crore

MUMBAI: IT firm 3i Infotech that signed an agreement with Cerberus Capital Management to sell its US- based Global Billing and Payment unit for $137-million (nearly Rs 617-crore), said it will use the garnered amount to repay its bank borrowings. “We will use this money for repayment of our bank borrowings. Our net borrowing is around Rs 2,000-2,100-crore and from here we may get around Rs 600-crore, so the entire money will go for repayment of our bank borrowings," 3i Infotech MD & Global chief executive, V Srinivasan, said.
The IT firm's subsidiary, 3i Infotech Financial Software, decided to sell the unit to Cerberus Capital Management, after a bidding process that lasted for two and half months, but he did not identify the bidders who participated in the bidding.