Tata Consultancy looks set to edge out IBM in the bidding for Citi's captive Indian back office unit, according to the Economic Times.
The Indian business daily says a $500-$550 million deal for the unit - which employs about 8000 people in Mumbai and Chennai - is likely to be sealed in the next week.
The Economic Times reported in June that Citi was looking to restructure its Indian back office operations and put the Global Services business up for sale. At the time, IBM was cited as the lead contender to take over the business.
A "source familiar with the development" told the ET that the deal would guarantee TCS business from Citigroup for five years.
TCS may beat IBM to buy Citigroup BPO - Economic Times