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.