Wipro to Acquire Target Corp's India Centre
Domestic IT giant Wipro has finalised plans to buy US-based Target Corporation’s captive technology centre located in Bangalore. The deal is reportedly worth $60 million (around Rs 275 crore).
Wipro is learnt to have finished due diligence exercise and the deal is likely to be announced soon. Indian IT majors TCS and Infosys were also vying with Wipro to takeover Target s India operations.
Under the deal, Target Corp has reportedly entered into a contract of assured business for the next five years for an estimated $500 million.
Target Technology Services India, also known as Target India, is a wholly owned subsidiary of Target Corporation, which owns and runs 1,744 stores in the US and is the second largest general merchandiser in the country. Target also operates an online business, Target.com.
Target’s India centre works as a captive operation, supporting activities of the retail chain such as providing administrative support, business analytics, supply chain management, finance and accounting, HR, call centre, global sourcing & planning, etc.
Under the deal, Target s entire operation, including 2,000 employees, will be taken over by Wipro.
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