Tata Consultancy Services (TCS) today announced that it has completed the acquisition of Citigroup Global Services (CGSL) for all cash consideration of $512 million.
In addition to the sale, Citi has signed an agreement for TCS to provide process outsourcing services to Citi and its affiliates for an agreement amount of $2.5 billion over a period of 9.5 years, the company said in a filing to Bombay Stock Exchange (BSE).
“The acquisition gives us the ability to offer an end-to-end, domain-led third party solution for business operations to our large financial clients,” said N Chandrasekaran, COO and executive director, TCS.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app