 Online edition of India's National Newspaper Thursday, Jan 01, 2009 ePaper | Mobile/PDA Version |
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Business
BROADENING SERVICES: N. Chandrasekaran, COO, Tata Consultancy Services, addressing a press conference in Mumbai on Wednesday. MUMBAI: Tata Consultancy Services (TCS) has completed the acquisition of Citigroup’s interest in Citigroup Global Services Ltd. (CGSL), its India-based captive business process outsourcing (BPO), for an all-cash consideration of $512 million. The acquisition will be funded through the company’s internal cash accruals. The deal was announced in October and 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 9.5 years. This acquisition broadens TCS’ portfolio of end-to-end IT and BPO services in the global banking and financial services (BFS) sector. Addressing the media here, N. Chandrasekaran, Chief Operating Officer and Executive Director, TCS, said, “this acquisition 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.” CGSL has more than 12,000 employees and Mr. Chandrasekaran said TCS’ BPO head count would go up to 20,000 plus after the acquisition. “We are not planning any head-count reductions,” he said. Through this acquisition, TCS is now pursuing two other deals using the CGSL platform. “This acquisition will add revenues of $280 million and with it TCS’ revenues from BPO services will go up to $600 million.”
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