Tata Consultancy Services has completed the acquisition of Citigroup Global Services Limited (CGSL), the India-based BPO captive. TCS paid US $512 million in an all-cash deal.

In addition to the sale, Citigroup has signed an agreement for TCS to provide process outsourcing services to Citigroup and its affiliates for a total of US$ 2.5 billion over a period of 9.5 years.

N.Chandrasekaran, COO and Executive Director, TCS, said: “This acquisition gives us the ability to offer a end-to-end, domain-led third-party solution for business operations to our large financial services clients. We will also work to create platforms for the future and integrate our strong domain expertise in operations along with our suite of products for the financial services sector.”