Citigroup completes Indian outsourcing unit sale

[ChromeFoundry]

Associated Press, 12.31.08, 06:56 AM EST

Citigroup Inc. said Wednesday it completed the sale of its India-based business process outsourcing unit Citigroup Global Services Ltd. to Tata Consultancy Services Ltd., India's largest software services provider.

Citigroup (nyse: C - news - people ) said it will receive $512 million in cash. It agreed to sell the business to Tata in October. At that time, the companies also signed a contract that said Tata will provide outsourcing services to Citigroup and its affiliates for the next nine and a half years.

Citigroup will pay $2.5 billion under that contract.

http://www.forbes.com/feeds/ap/2008/12/31/ap5870182.html

Keep in mind that Citi received $45 Billion of your tax dollars.

[OhioChick]

1. We get screwed once again.

K&R

[Stephanie]

2. That's Hillary Clinton's favorite outsourcing company

google clinton+tata

[OhioChick]

3. Do you mean Senator Clinton (D-Punjab)? n/t

[Stephanie]

4. that would be the one

[Dr.Phool]

11. I'll bet the State Dept. jet makes a lot of flights to India.

[Sultana]

6. Well, well, well,...

the Clintons are dirty.

[The Backlash Cometh]

15. Chris Matthews and Andrew Sullivan might get a chance to redeem themselves.

[Deja Q]

5. Well, can they pay some of the $45 bil back?

I don't think it's fair for them to have, under these circumstances.

[Azlady]

7. Yep, they better start writing a check out - this is not okay!

Grrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrrr

[Azlady]

8. Please post this on change.gov.... this is so awful!

[bemildred]

9. The pump is complete, time to dump. nt

[ihavenobias]

10. Let's see if we can get you another rec.

:)

[Dr.Phool]

12. Bingo! #5

[snot]

13. nice gif.

[JDPriestly]

14. Congress should investigate why nothing was done in the agreements

with the banks to prevent them from (a) buying other banks and (b) outsourcing more work instead of hiring Americans with the money they got.