Citigroup to stay with TCS, Wipro, drop Infosys
SOURCE: Economictimes
Date: May 28th, 2009
Citigroup, which sold its back-office captive centres to TCS and Wipro last year, plans to consolidate its outsourcing with these vendors Wipro office and software premises in India, and drop others such as Infosys Technologies, India’s second-biggest software services exporter, reports Pankaj Mishra.
The Bangalore-based Infosys could see around $25 million of its annual revenues from Citi go to rivals like TCS and Wipro, according to an official at one of these companies, requesting anonymity.
Citibank has a $2.5-billion nine-year contract with TCS and a $500-million six-year contract with Wipro. However, since Infosys does not derive any significant revenues from Citi, the company is not expected to be hit severely. Infosys has bigger, over $50-million contracts with top US banks, including Bank of America and American Express.
