FirstSource losses CitiGroup BPO Deal against Genpact

MUMBAI/BANGALORE: India’ largest BPO company and the NYSE-listed Genpact is said to have won the race to buy out Citi group’s call centres in India. The deal was clinched after a week of final negotiations for around $700 million, according to industry sources. "No comment and (there is) nothing accurate in the rumours at all," said Genpact president and CEO Pramod Bhasin, who, along with senior executives, is stationed in New York to stitch up the deal. The final leg of negotiations had just two suitors — Genpact and Mumbai-based Firstsource — the only large third party BPOs who specialise in banking and insurance processes. Though both companies are said to have quoted around $700 million each for the buyout, Genpact is said to have won the deal on its ability to raise the required finances easily.