Tata Consultancy Services (TCS) may buy Citigroup’s captive back office unit in India for nearly $500 to $550 million, reports the Economic Times.

The announcement may be made within three weeks. TCS beat IBM, which was ahead in the race until recently. The deal would assure TCS business for the back office unit from Citigroup for five years.

According to reports, Citigroup was restructuring its India back office operations in June this year and may sell or outsource most of these assets. Citigroup revealed a restructuring of its Asia-Pacific business, conferring greater authority to its regional heads. X