Aegis BPO Services Ltd., an Essar Group Company and a leading global business process outsourcing (BPO) provider has concluded the merger of PeopleSupport, Inc. (Nasdaq:PSPT), a leading offshore BPO provider, through its wholly owned subsidiary Essar Services (Mauritius).

The combination creates a new global BPO leader with revenues of approximately $450 million, nearly 30,000 employees and 20,000 production seats in 31 locations worldwide, servicing over 60 different clients, most of which are Fortune 500 companies.

In India, Aegis BPO is also the largest domestic BPO provider with a dominant presence in telecom, banking and financial services.

This is the 11th acquisition of Aegis in the last three years. With the completion of this merger Aegis has demonstrated a distinctive intellectual property of being one of the fastest aggregators of organizations in the services space across the world.

This business combination catapults Aegis into a differentiated league of service providers with deep domain knowledge in telecom, banking and financial services, insurance, healthcare, travel and emerging enterprises, with delivery platform spanning onshore, near shore and offshore thus providing end to end global delivery for all our clients. This global delivery platform provides right shoring opportunities for U.S. corporations helping them to significantly optimize their total cost of ownership.

Aparup Sengupta, Global CEO and Managing Director of Aegis, commented, “We are extremely pleased to welcome PeopleSupport’s clients and employees to our organization. The combined entity will offer clients and prospects an expanded set of solutions and services from a broader geographic delivery platform. With significant operations in the Philippines, India, the United States and Costa Rica, Aegis BPO provides cost effective high quality solutions. We will continue to serve PeopleSupport’s clients with their existing teams and with the same high quality services they have come to expect.”

Lance Rosenzweig, PeopleSupport’s CEO, added “We are excited to become a member of the Aegis family and to create a global BPO leader offering award winning solutions. Our focus on high performance outsourcing solutions will continue and our value proposition is now stronger as we expand our industry and process expertise, service offering and global delivery platform.”

Lance continued, “We are especially pleased to close this transaction in light of the current economic environment, and we believe this is a testament to the world-class organization that is Aegis and the Essar Group. This also reinforces the values of trust, goodwill and honor that are prevalent at Aegis and Essar Group. We are proud to become a part of such a high quality organization.”

On October 30, 2008, the certificate of merger was filed with the office of the Secretary of State for Delaware, and PeopleSupport became a wholly-owned subsidiary of Essar Services, Mauritius and Aegis BPO. PeopleSupport also reported that it has filed for delisting of its stock with NASDAQ and has filed with the SEC for deregistration under the Securities Exchange Act of 1934.

PeopleSupport shareholders of record on October 30, 2008 will receive instructions from Computershare, the paying agent for the merger, that will explain how to surrender stock certificates in exchange for the merger consideration of $12.25 per common share.

About Aegis BPO
Aegis BPO is one of the fastest growing global business process outsourcing (BPO) providers that offers customer lifecycle management and variety of value-added interactive and back-office services for global enterprise clients. With annual revenues of over USD $450 million, Aegis BPO is one of the fastest growing BPO companies globally. As a part of the ESSAR Group, one of India’s largest conglomerates in terms of enterprise value, Aegis BPO has strong financial stability and is well positioned for growth. Aegis BPO services some of the world’s largest corporations in the Telecom, Banking, Insurance and Healthcare verticals through its 31 delivery facilities in the Philippines, India, the United States and Costa Rica. By delivering high quality services from offshore locations, Aegis BPO’s service delivery centers reduce costs, improve performance and increase revenues. Aegis BPO is well positioned for growth and geographic expansion as we deliver on our mission to become a top-tier global outsourcing solutions provider. For more information, visit website www.aegisbpo.com.

About Essar
Essar Global Limited (EGL) is a diversified business corporation with a balanced portfolio of assets in the manufacturing and services sectors of Steel, Energy, Power, Communications, Shipping Ports & Logistics, Construction and Mining & Minerals. Essar employs more than 40,000 people across offices in Asia, Africa, Europe and the Americas. Visit website www.essar.com.

Aegis / Essar Group Contacts:

Sharad Goel, Group Head - Media Relations, Essar Group, at: +91 22 6660 1858, Sharad.Goel@essar.com
Mumbai: Manisha Awasthi, GM, Corporate Communications, Essar Group, at: +91 98339 45761, Manisha.Awasthi@essar.com
Delhi: Parikshit Kaul, Dy. GM, Corporate Communications, Essar Group, at +91 98735 70816, pkaul@essar.com
United Kingdom: William Clutterbuck, Maitland, at +44 20 7379 5151, wclutterbuck@maitland.co.uk
USA: Peter Hargittay, US Marketing, USA, at + 310.824.6182, phargittay@peoplesupport.com