Sale of Citigroup Technology Services Ltd. is complete

Citi announced that the sale of India-based Citi Technology Services Ltd. to Wipro Technologies has been successfully completed. The sales transfer involved $127 million. 

A Master Services Agreement signed by the companies as a part of the transfer specifies the conditions of the delivery of Technology Infrastructure Services (TIS) and Application Development and Maintenance (ADM) services. The period of the agreement is six years. 

The transaction has been implemented in line with Citi’s aims of improving operating forces. Reduction of India located headcount of the company by nearly 1,700 employees is the next step towards the goal.