No plan to sell Indian operations, clarifies Target
18 Jan 2010
Target Corp, the second-largest discount chain in the US, has denied a newspaper report that it plans to sell its India technology unit to software maker Wipro Ltd.
This is the second official denial by Target of a Deccan Herald report on Thursday that Wipro may pay $60 million to purchase Target's Indian operations.
''The company emphatically refutes the irresponsible rumour that it is engaged in any discussions, or has any plans, to sell its India operations,'' the Minnesota-based company said in a statement.
Target, which employs about 2,100 workers in Bangalore, said it continues to integrate the Indian centre with its US- based teams, contrary to the ''inaccurate rumour''.
''We do not know the source of this ridiculous speculation but we can absolutely reaffirm that it is unequivocally not true,'' Tim Baer, executive vice president and general counsel at Target, said in the statement.
The report exemplifies the kind of sensation-hungry but purely speculative reports that have long marred the Indian news media's credibility.
Deccan Herald quoted an unidentified source ''close to the development'' as saying that the transaction may be completed this week. But in view of Target's clarification, the report was obviously far-fetched.
