Citigroup has shortlisted three bidders for its business process outsourcing (BPO) unit after the first round of bidding.
The sale of the BPO business, run by Citigroup Global Services (formerly e-Serve), is expected to fetch around Rs 3,200 crore for the group. At this price, it will be the largest deal in the domestic BPO space.
The shortlisted bidders are Firstsource, WNS and Genpact, said sources close to the development. Others who had expressed initial interest, including IBM, Automatic Data Processing (ADS), Infosys, EDS, Capgemini and private equity players such as Blackstone and General Atlantic, are no longer in the race.
The largest major deal in the BPO space so far was when Blackstone recently bought Intelenet from Barclays and HDFC for Rs 840 crore.
Read more in The Business Standard article.
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