Citigroup is reportedly in talks to sell its Indian IT and infrastructure outsourcing arm, Citi Global Services, with Wipro emerging as the frontrunner to buy the business.
The Economic Times - which led with the news of the sale of Citi's Indian BPO business to Tata in October - says a deal for the CGS business is likely to be concluded in the third quarter. The deal size will be pegged at $150 million says the paper, citing an unidentified source.
CTS provides technology infrastructure support, and application development, maintenance and testing support for credit cards, core banking, equities and treasury to Citi entities worldwide. It employs close to 2500 people and has offices in Mumbai and Chennai.
The Economic Times says IBM, Infosys and TCS have been discussing a potential buy-out with Citi, but that Wipro is pursuing the deal most aggressively, having concluded due diligence at the end of last week.
Both Citi and Wipro have declined to comment.Wipro likely to buy Citi's tech arm for $150 million