By Corporate Bureau
Tata Consultancy Services (TCS.NS : 622.15 -2.35) (TCS) on Wednesday announced the completion of its acquisition of Citigroup s India-based captive business process outsourcing (BPO) unit Citigroup Global Services Limited (CGSL), for all cashconsideration of $512 million. This acquisition will broaden TCS portfolio of end-to-end IT and BPO services in the global banking and financial services (BFS) sector, the company said. In addition to the sale, Citi has signed an agreement for TCS to provide process outsourcing services to Citi and its affiliates for an aggregate amount of $2.5 billion over a period of 9.5 years. N Chandrasekaran, COO and executive director, TCS said, This acquisition gives us the ability to offer end-to-end, domain-led third-party solution for business operations to our large financial services clients. The company is getting additional BPO business from Citi, and currently has a total headcount of more than 20,000 employees including those of CGSL. TCS shares on Wednesday were down 0.87% or Rs 4.20 to close at Rs 478.10 on the Bombay Stock Exchange (^BSESN : 16158.28 +94.38). We are seeing deals getting closed in IT, BPO and infrastructure sectors, both in the emerging markets and established markets as well, Chandrasekaran added. He said the company is pursuing 2 sizeable multiyear deals, but declined to reveal specifics.
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) (TCS) on Wednesday announced the completion of its acquisition of Citigroup s India-based captive business process outsourcing (BPO) unit Citigroup Global Services Limited (CGSL), for all cashconsideration of $512 million. This acquisition will broaden TCS portfolio of end-to-end IT and BPO services in the global banking and financial services (BFS) sector, the company said. In addition to the sale, Citi has signed an agreement for TCS to provide process outsourcing services to Citi and its affiliates for an aggregate amount of $2.5 billion over a period of 9.5 years. N Chandrasekaran, COO and executive director, TCS said, This acquisition gives us the ability to offer end-to-end, domain-led third-party solution for business operations to our large financial services clients. The company is getting additional BPO business from Citi, and currently has a total headcount of more than 20,000 employees including those of CGSL. TCS shares on Wednesday were down 0.87% or Rs 4.20 to close at Rs 478.10 on the Bombay Stock Exchange (
). We are seeing deals getting closed in IT, BPO and infrastructure sectors, both in the emerging markets and established markets as well, Chandrasekaran added. He said the company is pursuing 2 sizeable multiyear deals, but declined to reveal specifics.
