Citigroup Inc. has agreed to sell its Indian technology services unit to the Bangalore outsourcer Wipro Ltd.
Wipro agreed to pay about $127 million in cash for the unit, and the companies said last week that they expect the deal to close by March.
The unit would become part of Wipro's technology services division, Wipro Technologies, and would continue to provide infrastructure management and application development services to Citi for six years.
Wipro Ltd. said the unit would bring in at least $500 million from Citi over the course of the contract. Citi said it expects to report about $80 million of full-year revenue for the unit.