Tata Consultancy Services Acquires Citigroup Global Services (CGSL)

Tata Consultancy Services (TCS) acquired Citigroup Inc.'s interest in Citigroup Global Services Limited (CGSL), the India-based captive BPO for Citi, for roughly $505–$512 million. As part of the deal TCS signed a services agreement to provide process outsourcing to Citi and its affiliates worth about $2.5 billion over 9.5 years, expanding TCS's banking BPO capabilities and scale.