Deal watch
Every month, we bring you a listing of the biggest deals struck by Indian companies in India and abroad. Our partner: global professional services firm Ernst & Young. Here are the deals that were struck in October 2008.
Every month, we bring you a listing of the biggest deals struck by Indian companies in India and abroad. Our partner: global professional services firm Ernst & Young. Here are the deals that were struck in October 2008.
Deal of the Month: Tata Consultancy Serivces (TCS) has acquired a 96 per cent stake in Citigroup Global Services, which is the India-based captive BPO arm of Citigroup, for $505 million (Rs. 2,474.5 crore) in an all-cash deal.
Impact Analysis: The deal comes as a win-win for both TCS and Citigroup. The acquisition is in line with TCS’s strategy of inorganic growth. As part of the deal, TCS will get assured orders worth $2.5 billion (Rs 12,250 crore) over the next nine-and-a-half years from Citigroup. In addition, TCS will also get 12,000 trained core banking function professionals. With this deal, TCS now becomes the largest third-party core banking BPO vendor globally and the second-largest BPO player in the Indian market. The acquisition is expected to be completed in the fourth quarter of 2008.
Deal of the Month: Tata Consultancy Serivces (TCS) has acquired a 96 per cent stake in Citigroup Global Services, which is the India-based captive BPO arm of Citigroup, for $505 million (Rs. 2,474.5 crore) in an all-cash deal.
Impact Analysis: The deal comes as a win-win for both TCS and Citigroup. The acquisition is in line with TCS’s strategy of inorganic growth. As part of the deal, TCS will get assured orders worth $2.5 billion (Rs 12,250 crore) over the next nine-and-a-half years from Citigroup. In addition, TCS will also get 12,000 trained core banking function professionals. With this deal, TCS now becomes the largest third-party core banking BPO vendor globally and the second-largest BPO player in the Indian market. The acquisition is expected to be completed in the fourth quarter of 2008.
