10-09-2008, 01:40 AM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>TCS buys Citigroup's BPO arm for $505m </b>
Pioneer.com
PTI | Mumbai
IT major Tata Consultancy Services on Wednesday clinched the deal to acquire Citigroup Global Services Ltd, a large captive BPO of Citibank operating out of India, for $505 million, the company said.
The Citi unit, previously known as e-Serve International and listed on Indian stock exchanges before delisting in mid- 2004, was on the block for the last couple of years and many large international IT majors including the likes of IBM and Capegemini were reportedly in the race to acquire it.
<b>Besides the sale, Citi has also reached an agreement under which TCS will provide BPO services to the bank and its affiliates worth $2.5 billion over a period of nine-and-a- half years.</b>
"It is the biggest contract ever signed by an Indian company. It is one of its kind opportunity," TCS CEO and Managing Director S Ramadorai told reporters.
<b>Citigroup Global Services has been a bluechip company with revenues of $280 million and compounded annual growth rate of 27 per cent and operating margins at 20 per cent. The company employs over 12,000 people at units located in Mumbai, Chennai and Gurgaon. </b>
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Pioneer.com
PTI | Mumbai
IT major Tata Consultancy Services on Wednesday clinched the deal to acquire Citigroup Global Services Ltd, a large captive BPO of Citibank operating out of India, for $505 million, the company said.
The Citi unit, previously known as e-Serve International and listed on Indian stock exchanges before delisting in mid- 2004, was on the block for the last couple of years and many large international IT majors including the likes of IBM and Capegemini were reportedly in the race to acquire it.
<b>Besides the sale, Citi has also reached an agreement under which TCS will provide BPO services to the bank and its affiliates worth $2.5 billion over a period of nine-and-a- half years.</b>
"It is the biggest contract ever signed by an Indian company. It is one of its kind opportunity," TCS CEO and Managing Director S Ramadorai told reporters.
<b>Citigroup Global Services has been a bluechip company with revenues of $280 million and compounded annual growth rate of 27 per cent and operating margins at 20 per cent. The company employs over 12,000 people at units located in Mumbai, Chennai and Gurgaon. </b>
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