Though Sitel remained one of the largest BPO players in the country, 2003-04 was not all milk and honey for this leading global BPO vendor in India. For one, there was uncertainty over its future ownership pattern following the TCS IPO. Currently, Sitel holds 50 of the equity, Tata Infotech 40 % with the balance 10% being held by Tata International and with TCS likely to formulate a new BPO strategy, this might undergo a change. Secondly, Sitel India lost one of its major clients AOL who shifted certain processes to Spectramind as part of AOL's vendor consolidation process.