TCS Wins $500Mn ITO Contract with Citigroup; to Hire 2,200

TCS, the Indian IT services provider, has won a USD 500 million IT outsourcing (ITO) contract with Citigroup. The contract is based on the take-or-pay principle, under which TCS will receive a fixed amount if the work is completed within a stipulated period of time. The duration of the contract has not been disclosed.

Under the terms of the contract, TCS will provide application maintenance and development services to Citigroup. In the first year, the company will employ about 2,200 people for contract execution.