Corporate giant Tata has exited from BPO joint venture firm Sitel India by selling their 50 per cent stake for $22.2 million (about Rs 100 crore) to US-based Sitel Corp.
Tata Consultancy Services, Tata group's software arm and India's biggest software services exporter, on Tuesday said in a statement that it would sell its 40 per cent stake in BPO firm Sitel India to US-based Sitel Corp for $17.73 million.
Tata International Ltd, which holds 10 per cent in the venture, has also decided to sell its stake. An agreement for the transfer of ownership has been concluded, it said.
Sitel India is a joint venture between Tata Group and Sitel Corp formed in 2000 with both parties holding 50 per cent of the equity.
The joint venture provides voice-based contact centre BPO services from India. With over 4,000 professionals, the joint venture provides customer care and back office processing services from five centers in Mumbai, Hyderabad, Chennai and Gurgaon.
Recently, Sitel India opened its fifth centre at Gurgaon with plans to double India headcount to 8,000 by next year. It plans to make the Gurgaon BPO its biggest centre in the world.
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