Target denies report it plans to sell India unit

New York City Target Corp. on Wednesday denied a report that it was in talks to sell its captive center in Bangalore, India.

“Our captive center in Bangalore continues to be an important part of our long-term strategy and is highly integrated with our work and team in Minneapolis,” said Gregg Steinhafel, chairman, president and CEO of Target Corp. “We remain firmly committed to this Target team and are proud of the work they do. Recent rumors about a sale are ridiculous speculation.”

The Economic Times of India had reported that Tata Consultancy Services, and other entities, were pursuing an acquisition of the Target India operation in an outsourcing deal that the paper valued at $300 million to $400 million. The paper cited comments from a senior executive with one of the potential suitors.

The Target India Web site says the retailer started operations in the country in May 2005; the subsidiary provides technology systems and solutions for all aspects of Target's retail operations.