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This is the second time Citigroup, which came under pressure due to mounting credit-related losses in the US, is selling a part of its back-office operations located in India.
Earlier in October, it had sold its captive BPO Citigroup Global Services to TCS for 505 million dollars.
As part of the transaction, an all-cash deal, Bangalore- headquartered Wipro and Citi will sign a services pact for the delivery of Technology Infrastructure Services and Application Development and Maintenance services for six years.
Under the agreement, Wipro will get at least 500 million dollars as services revenue from Citi.
Citigroup Global Technology Head Jagdish Rao, who based in New York, said at a press conference that this 500 million dollars is a "minimum commitment" and it could grow to "twice as much" in six or seven years.
CTS's 1,650 employees, in more than 32 countries, will now come under the Wipro Technologies fold, the global IT services business arm of NYSE-listed Wipro Ltd.
CTS clocked revenue of USD 53 million in the calendar year 2007 and the earning is expected to go up to 80 million dollars in 2008.
Battered by the ongoing financial crisis, NRI Vikram Pandit-led Citi has been restructuring its operations as part of the company's cost-cutting efforts.
Earlier this month, the banking behemoth had sold its German retail banking operation Citibank Privatkunden AG & Co. KGaA and certain of its affiliates, to Crdit Mutuel-CIC, a leading French banking group.
Moreover, in November, Citi said it would slash as many as 53,000 jobs worldwide.
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