Citigroup is in talks with Wipro to sell off another of its India-based properties, according to reports.
The Economic Times of India says Wipro, headquartered in Bangalore, is emerging as the frontrunner to buy Citigroup’s Indian IT and infrastructure outsourcing arm for $150 million. The Citi unit, Citi Global Services, has 2,500 employees in Chennai and Mumbai and provides infrastructure support, application development and other services for Citigroup’s worldwide credit cards, core banking equities and treasury operations. The paper reports the deal in the works would be completed in the third quarter. Tata Consultancy Services (TCS), Infosys and IBM have also reportedly discussed buying the Citi ops.
The sale is rumored just a month after Citi sold its business-process outsourcing unit in India for $505 million to TCS.