New Delhi: India’s largest software exporter Tata Consultancy Services is close to buying an $1.5 billion worth outsourcing contract with the UK-based Prudential Insurance.
Sources in the industry say, the company is in initial discussions with investment bankers for a possible deal. If successful, this will the IT major’s second biggest deal in the insurance space. But there is bit of a spoiler there.
According to the latest Forrestor report, over 60% of the captive centres in India are struggling due to lack of management support, spiraling costs, skyrocketing attrition and a lack of integration.
US-based Citibank has also put its captive unit— Citigroup Global Services — on the block. According to unconfirmed media reports Firstsource, WNS and Genpact are the front runners in the race for acquiring the BPO business unit of Citigroup Global Services (formerly e-Serve).
TCS had earlier bagged a $800 million deal from the UK-based Pearl Group — considered the single biggest in the Indian financial outsourcing segment.
The deal is similar to the Infosys’ recent announcement of acquiring three global offshore centres from Philips along with getting an outsourcing deal.
Prudential Insurance is one of the leading life and pensions provider in the UK and services over 7 million customers.
The company has offshore centres in UK, Ireland, Scotland and India.
With inputs from agencies
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