Tata Consultancy completes acquisition of CGSL

by Editor 1/7/2009 1:50:00 PM
Indian IT giant Tata Consultancy Services (TCS) has finalized the acquisition of Citigroup's interest in Citigroup Global Services Limited for the sum of $512 million. CGSL provides business process outsourcing services in the banking and financial sector and has more than 12,000 employees in India.

Furthermore, the IT consulting firm has signed an agreement with Citigroup and its affiliates to provide business process outsourcing services for $2.5 billion a year over the next 9.5 years. The firm has provided IT services to Citigroup since 1992 and is one of Citi's largest partners in the sector.

Tata Consultancy Services COO and Executive Director N. Chandrasekaran said: “This gives us the ability to offer an end-to-end, domain-led third-party solution for business operations to our large financial services clients. We will also work to create platforms for the future and integrate our strong domain expertise in operations along with our suite of products for the financial services sector.”

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