Thursday, March 30, 2006

Citigroup ready to exit Progeon

According to the Business Standard, Citigroup is ready to exit Progeon, the business process outsourcing arm of Infosys. Citigroup holds a 23 per cent stake in Progeon. The valuation is expected to fetch Citigroup about US$140 million. This is part of InfoSys moves to make Progeon a wholly owned subsidiary and increase its service competitiveness.

Progeon has offices in India, Czech Republic, and the Philippines.

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