Wipro Technologies Ltd. plans to buy Citigroup Inc.'s India-based information technology business for $127 million in cash, the companies said Tuesday.
The deal comes amid a broad restructuring at Citigroup
The company avoided collapse in November by securing another $20 billion lifeline from the government and has also announced plans to sell banking units in Japan and Germany.
Citi Technology Services Ltd., based in Mumbai, provides IT services for Citigroup's operations in more than 32 countries, Citigroup said.
As part of the deal, Citi will award Wipro
Citigroup said the business has about 1,650 employees and is projected to generate $80 million in revenue for 2008.
Wipro shares added 32 cents, or 4 percent, to $8.40 in midday trading, while Citigroup shares fell 18 cents, or 2.6 percent, to $6.57.
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