TATA CONSULTANCY TO BUY CITI ARM FOR $505 MN

Notwithstanding the crisis in the global financial system, leading Indian information technology major Tata Consultancy Services (TCS) on Wednesday said it will buy the outsourcing arm of Citigroup for $505 million. In addition to the acquisition, TCS has entered into a $2.5 billion pact with US-headquartered Citigroup to provide outsourced services for a period of nine-and-a-half years

Hindustan Times