By Gautam Chakravorthy, Bloomberg
Mumbai: Tata Consultancy Services Ltd.(TCS), India’s largest software-exporter sold its entire stake in a local joint venture with US-based Sitel Corp. for $17.7 million.
Tata Consultancy sold its 40% stake in the joint venture Sitel India to the overseas partner the Mumbai-based company said in an e-mailed statement today.
A group company Tata International Ltd. also sold an additional 10% stake in the call-centre venture taking the total value of the stake sold to $22.2 million, Tata Consultancy said in the statement.
Sitel is a customer-service company formed by the merger of ClientLogic and Sitel in January 2007. The company is privately held and majority owned by Canadian diversified company, Onex Corp., the statement said.