TCS & Tata Group sells 50% holding in JV to Sitel Corporation for US $ 22.2 million

Tata Consultancy Services Ltd (TCS) has announced that the Company and Sitel, a global Business Process Outsourcing (BPO) Leader, announced that the two parties had concluded an agreement to transfer the ownership of the Company's 40 per cent stake in SITEL India to US-based Sitel Corporation for a consideration of US$ 17.732 million.

Sitel India is a joint venture between the Tata Group and Sitel Corp, formed in 2000, with both parties holding 50% of the equity. Tata International Ltd, which holds a 10 per cent stake in the JV, has also agreed to sell its stake. This joint venture Company provides voice-based contact center BPO service from India. With over 4,000 Professionals, the JV is a provider of fully integrated customer care and back office processing services operating from five centers located in Mumbai, Hyderabad, Chennai and Gurgaon.

Shares of the company were trading at Rs.1237.50, down by Rs.23.75 or 1.88%. 127695 shares changed hands compared to 2 week average quantity of 222531.

Source : Equity Bulls

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