IT major Tata Consultancy Services today said it will buy Citigroup Inc’s India-based outsourcing arm for an all cash deal of around $505 million.TCS has signed an agreement with Citigroup Inc to acquire all of Citi’s interest in Citigroup Global Services Ltd, the company said in a release.
Citigroup Global Services Limited (CGSL) is the India-based captive business processing outsourcing arm of Citi.In addition to the sale, Citi has also signed an $2.5 billion deal through which TCS will provide process outsourcing services to Citi and its affiliates over nine-and-a-half years.
