OREANDA-NEWS. Aegis Limited, an Essar Group company and a leading global business process outsourcing (BPO) provider, today announced that it has made a proposal to the Board of Directors of ICT Group, Inc. (NASDAQ: ICTG) to acquire all of the outstanding shares of ICTG common stock for USD 8.00 per share in cash. This offer represents a premium of approximately 71 percent over the thirty-day average closing price of ICTG shares and approximately 122 percent premium above the closing price as of February 27, 2009 of ICTG shares. The combined company would bring together a significant diversity of clients, expanded geographic footprint and substantial scale of operations.

“We have great respect for ICT Group and its management team, and believe that together we can create a platform for strong long-term growth,” said Aparup Sengupta, Managing Director and Global CEO of Aegis. “The combined business will offer a wider set of services and solutions to both companies’ clients, enabling us to broaden and deepen our relationships with them.”

As such, subject to customary due diligence, negotiation and execution of a mutually agreeable definitive agreement, and completion of required regulatory approvals, Aegis proposes to acquire all of the outstanding shares of ICTG in a merger transaction for USD 8.00 per share in cash. Aegis is seeking the support and approval of the Board of ICTG to effect the transaction on a friendly basis through a merger between ICTG and a subsidiary or special purpose vehicle or parent of Aegis.

Aegis has a successful history of acquisitions in the last four years, including its recent acquisition in October 2008 of PeopleSupport, Inc., a NASDAQ listed outsourcing firm. Aegis has established a record of aligning the interests of all stakeholders in a short period of time.

Aegis, a leading global BPO provider, is part of the Essar Group, a diversified business group with a balanced portfolio of assets in the manufacturing and services sectors, including steel, energy, power, communications, shipping and logistics, construction, mining and minerals. Essar employs more than 50,000 people in over 30 countries in the Americas, Europe, Asia and Africa. The combined Aegis/ICTG business would be able to leverage resources of the Essar Group to reach even greater achievements.

In India, Aegis Limited is one of the largest domestic BPO provider with a significant presence in telecom, banking and financial services. Aegis belongs to a differentiated league of service providers with deep domain knowledge in telecom, banking and financial services, insurance, healthcare, travel and emerging enterprises.