Mar 27, 2007

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."

BUY TCS -- ( @ CMP )

TARGET 1 -- 1295

TARGET 2 -- 1310

TARGET 3 -- 1345+

STOPLOSS -- 1247 ( ONLY FOR TRADERS )

FOR LONG TERM INVESTORS CAN HOLD THE STOCK WITH 12 TO 18 MONTH TARGET OF 1750 +

MANY GOOD NEW WILL BE ANNOUNCED IN MONTHS TO COME EXPECT ANNOUNCEMENT OF LARGE DEALS & COMPANY TAKEOVER

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