Citigroup completes Indian outsourcing unit sale

Wednesday December 31, 6:56 am ET
Citi says $512 million sale of Indian business process outsourcing unit to Tata is done

NEW YORK (AP) -- Citigroup Inc. said Wednesday it completed the sale of its India-based business process outsourcing unit Citigroup Global Services Ltd. to Tata Consultancy Services Ltd., India's largest software services provider.

Citigroup said it will receive $512 million in cash. It agreed to sell the business to Tata in October. At that time, the companies also signed a contract that said Tata will provide outsourcing services to Citigroup and its affiliates for the next nine and a half years.

Citigroup will pay $2.5 billion under that contract.
asr: seems Tatas get $250 mil/year , citi might have sold after it meltdown , good call for Tatas