Citi selling India back office arm to TCS for $505 mn

Citi selling India back office arm to TCS for $505 mn
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First Published: Wed, Oct 08 2008. 11 07 AM IST
Updated: Wed, Oct 08 2008. 11 07 AM IST
Reuters
Hong Kong/Mumbai: U.S. financial giant Citigroup, which has been shedding non-core assets, plans to sell its Indian back office operation to Tata Consultancy Services, people familiar with the matter said, in a deal that one source said would be worth $505 million.
Citi’s sale of the back-office unit to India’s biggest software exporter was set to be announced later on Wednesday, the source said.
A TCS spokeswoman said that the company had called a news conference at its Mumbai headquarters for Wednesday at 0900 GMT and declined further comment. A Citigroup spokesman declined to comment.
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First Published: Wed, Oct 08 2008. 11 07 AM IST