TCS sells 40% stake Sitel India to JV partner Sitel for $17.73 mn

Business Standard reports that Tata Consultancy Services has divested its 40% stake in the BPO firm Sitel India to US-based Sitel Corporation for $17.732 mn. Sitel India is a joint venture between the Tata Group and Sitel Corporation, 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. The joint venture company provides voice-based contact centre BPO services from India. With over 4000 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.

Cummins buys out Tata Group’s stake in Tata Holset

The $11.4 bn-Cummins, Inc. will acquire the stake held by the Tata Group companies in Tata Holset, its over 12-year old 50:50 JV for an undisclosed sum. It has been rechristened as Cummins Turbo Technologies. The company manufactures turbo chargers for medium and heavy-duty diesel engines for power generation, off-highway and on-highway vehicles. The Tata stake in the JV was held by Tata Motors, Tata Industries and Tata International.

Cummins recently announced a unified branding strategy to align its family of businesses under the Cummins brand. Following this new initiative, Tata Holset will be renamed and re-branded as Cummins Turbo Technologies.

Cummins, Inc. has another equal joint venture with the Tata Group called Tata Cummins, based in Jamshedpur. It manufactures the Cummins B series of engines and will not be affected by equity changes in Tata Holset / Cummins Turbo Technologies.

Read more in The Economic Times article.