UK''s United Utilities, the parent company of Vertex
Financial Services, has refuted press reports about
a possible acquisition of its business process outsourcing
arm, Vertex Financial Services, by Tata Consultancy
Services. Unconfirmed reports on Thursday said TCS is
in talks with Vertex''s parent company in the UK and
the deal would cost TCS an estimated $800 million.
however, refused to clarify on the matter. "As
a matter of policy we do not respond to any speculative
reports", TCS told the Bombay Stock Exchange.
a TCS client, has interests in back office functions
like customer services, human resources, procurement,
finance and accounting. The company has offices in the
UK, US, Canada and India and employs 9,000 worldwide.
Its two centres in Gurgaon, North India have an employee
strength of 1,800.
quoting United Utilities sources, however, said the
business process outsourcing unit was not for sale.
The company also said it is in consultation with Merrill
Lynch on various proposals for acquisitions and mergers.
a leading provider of business services and technology
solutions, reported a current year turnover of $688
million and an operating profit of $35 million.