Jan. 18 (Bloomberg) -- Target Corp., the second-largest U.S. discount chain, denied a newspaper report that it plans to sell its India technology unit to software maker Wipro Ltd.
India’s Deccan Herald newspaper said in a report yesterday that Wipro may pay $60 million to purchase Target’s local operations. The transaction may be announced this week, the newspaper said, citing people it didn’t name.
“The company emphatically refutes the irresponsible rumor that it is engaged in any discussions, or has any plans, to sell its India operations,” the Minneapolis, Minnesota-based company said in a statement distributed today through Business Wire.
Target, which employs about 2,100 workers in Bangalore, said it continues to integrate the Indian center with its U.S.- based teams, contrary to the “inaccurate rumor.”
“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.
Source: Bloomberg
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