Tata and Citigroup in India deal

Indian firm Tata Consultancy Services is buying US bank Citigroup's back office operations in India for about $500m, the two companies say.

Under the deal Tata will also provide Citigroup and its affiliates with outsourced services worth about $2.5bn over nine and a half years.

Citigroup has been hit by the global credit crisis and is reportedly seeking to sell off non-core assets worldwide.

More than 12,000 people work in back office jobs for Citigroup in India.

They offer services like call centres, technology support and financial services to customers globally.