TCS in deal with Citigroup

The news is just around the corner that Tata Consultancy Services (TCS), the Indan IT giant is close to finalizing a deal with Citigroup Inc. The deal is pegged to be around $500-900 million.

Reports are pooling in that the deal will be signed very soon. It is said that TCS would employ around 2,200 people for the contract in the first year and would take future decisions depending on the contract. The contract is based on a take-or-pay-order system. According to the deal, the IT giant would be paid a fixed sum if the work is completed in the stipulated time.

It is said that TCS would provide manpower, quality and processes to Citigroup, which is against the present method of time and material contract, where Indian vendors charge fees by the hour.

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