For the last few months there were rumors that Citigroup Global Services (CGSL) is up for grabs for strategic investors. It was also no close secret that IBM, Genpact, FirstSource, WNS and Acenture were considered as potential suitors apart from some private equity funds. The rumor it seems was mere rumor and it played its part while giving birth a new rumor that Citigroup India is looking to set up special economic zones (SEZ) units in India through, yes, you got that right, CGSL. Former e-Serve International in which via CGSL Citigroup holds 96.26% equity share, remaining 3.74% is distributed amongst public shareholders. 
A new wholly owned subsidiary will be formed under this domestic outsourcing unit which will make downstream investments for setting up those units across country's strategic locations. The subsidiary will exclusively cater to customers in the export markets.
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» Citigroup India BPO: Genpact ahead in race from BPOTiger
According to the latest report (I have covered the news here and here), there seems to be some light showing at the end of tunnel. Citigroup BPO's conditional search for a buyer seems to be in sight (as Citigroup was... [Read More]
Tracked on: September 18, 2007 1:16 PM | Permalink to Trackback