Tata Group sells stake in BPO firm Sitel for $22.2 million

27 March 2007

Mumbai: The Tata Group has exited its BPO joint venture Sitel India and sold its 50-per cent stake for $22.2 million (about Rs100 crore) to US-based partner Sitel Corporation.

Tata Consultancy Services, Tata Group''s software arm and India''s largest software services exporter, held a 40-per cent stake while another group firm Tata International held the remaining 10-per cent Tata stake in the joint venture.

While TCS said in a statement 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 said it would also sell its 10 per cent stake.

Tata Group and the US company have finalised an agreement for the transfer of ownership.

Sitel India was formed in 2000 with both Tata group and Sitel Corporation holding 50 per cent of the equity.

The joint venture provides voice-based contact canter BPO services from India. With over 4,000 professionals, the JV provides customer care and back office processing services from five centers in Mumbai, Hyderabad, Chennai and Gurgaon.