Citigroup Inc. may sell a stake in its Indian outsourcing unit, which is valued at $1 billion, according to an article published Wednesday in the Delhi newspaper Mint.
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The New York company is negotiating with International Business Machines Corp. and others to sell a stake in Citigroup Global Services Ltd., the newspaper said, citing unidentified people familiar with the development.
Captive business process outsourcing units are typically as much as 40% more expensive to operate than those run by an outside company, Mint said.
Sanjay Nayar, Citigroup's India chief executive, would not discuss the report.
