TCS sells 40% Sitel India stake for $17.73mn

Tata Consultancy Services (TCS) has divested its 40% stake in BPO firm Sitel India to US-based Sitel Corporation for $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, which holds 10% stake in the JV, has also agreed to sell its stake.

According to an official release issued by TCS today, "the joint venture company provides voice-based contact centre BPO services 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 in Mumbai, Hyderabad, Chennai and Gurgaon."