TCS, Tatas sell 50% JV holding to Sitel for $22.2mn

New Delhi, March 27, 2007: Tata Consultancy Services, the leading IT services, business solutions and outsourcing organization and Sitel, a global Business Process Outsourcing (BPO) Leader, announced that the two parties had concluded an agreement to transfer the ownership of TCS' 40 per cent stake in SITEL India to US-based Sitel Corporation for a consideration of US$ 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 Limited, which holds a 10 per cent stake in the JV, has also agreed to sell its stake. This joint venture company provides voice-based contact center 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 located in Mumbai, Hyderabad, Chennai and Gurgaon.

About Tata Consultancy Services Ltd (TCS): Tata Consultancy Services is an IT services, business solutions and outsourcing organization that delivers real results to global businesses, ensuring a level of certainty no other firm can match. TCS offers a consulting-led, integrated portfolio of IT and IT-enabled services delivered through its unique Global Network Delivery ModelTM, recognized as the benchmark of excellence in software development. A part of the Tata Group, India's largest industrial conglomerate, TCS has over 83,000 of the world's best trained IT consultants in 47 countries. The company generated consolidated revenues of US $2.97 billion for fiscal year ended 31 March 2006 and is listed on the National Stock Exchange and Bombay Stock Exchange in India. For more information, visit us at www.tcs.com.

About the new Sitel: Sitel is a global Business Process Outsourcing (BPO) leader. Formed by the merger of ClientLogic and SITEL in January 2007, the new company meets clients' customer care and transaction processing needs through 65,000 associates in 28 countries. The new Sitel provides world-class solutions from on-shore, nearshore and offshore locations across 145+ facilities throughout North America, South America, EMEA and Asia Pacific. The new company's award-winning services provide clients with the strategic insight, scale and diversity of offerings to ensure the best return on their customer investment. The company is privately held and majority owned by Canadian diversified company, Onex Corporation.