Infosys Tech buys out Citi's stake in Progeon

Bangalore, Apr 20: Software major Infosys Technologies Limited will buyout the 23 per cent stake of Citicorp International Financial Corporation (Citi) in its BPO subsidiary Progeon for a consideration of 115.13 million US Dollars (approximately Rs 518 crore).

Infosys, in a release here today, said the all cash transaction, involving buying out of 8.75 million shares with Citi, was expected to be completed by July next.

Progeon, a majority-owned subsidiary of Infosys, was a leading provider of Business Process Management (BPM) services to Global 1000 companies and was ranked among the top 10 third-party BPOs in India according to the NASSCOM 2004-05 rankings. It had over 7,000 employees as of March 31, 2006.

UNI