World's second largest BPO company Sitel Corp has bought back its 50% stake in Sitel-India - a JV it had with the Tata Group for $22.2 million.
India's largest IT company Tata Consultancy Services owned 40% stake in Sitel-India which it has sold to Sitel Corp for $17.73 million. Another 10% stake worth $4.5 million has been bought by Sitel Corp from Tata International.
Sitel India was a joint venture between the Tata Group and Sitel Corp, formed in 2000, with both parties holding 50% of the equity. Sitel India CEO Safir Adeni told ET: "The buyback shows that Sitel Global is very bulish on India. We grew at faster than the BPO industry last year and plan to grow faster with this buyback. We will double our employee headcount to 8,000 in India by 2008."
Read more in The Economic Times article
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