No plan to sell Indian operations, clarifies Target

18 Jan 2010

1

Target Corp, the second-largest discount chain in the US, has denied a newspaper report that it plans to sell its India technology unit to software maker Wipro Ltd.

This is the second official denial by Target of a Deccan Herald report on Thursday that Wipro may pay $60 million to purchase Target's Indian operations.

''The company emphatically refutes the irresponsible rumour that it is engaged in any discussions, or has any plans, to sell its India operations,'' the Minnesota-based company said in a statement.

Target, which employs about 2,100 workers in Bangalore, said it continues to integrate the Indian centre with its US- based teams, contrary to the ''inaccurate rumour''.

''We do not know the source of this ridiculous speculation but we can absolutely reaffirm that it is unequivocally not true,'' Tim Baer, executive vice president and general counsel at Target, said in the statement.

The report exemplifies the kind of sensation-hungry but purely speculative reports that have long marred the Indian news media's credibility.

Deccan Herald quoted an unidentified source ''close to the development'' as saying that the transaction may be completed this week. But in view of Target's clarification, the report was obviously far-fetched.

Business History Videos

History of hovercraft Part 3...

Today I shall talk a bit more about the military plans for ...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of hovercraft Part 2...

In this episode of our history of hovercraft, we shall exam...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Hovercraft Part 1...

If you’ve been a James Bond movie fan, you may recall seein...

By Kiron Kasbekar | Presenter: Kiron Kasbekar

History of Trams in India | ...

The video I am presenting to you is based on a script writt...

By Aniket Gupta | Presenter: Sheetal Gaikwad

view more