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April 13, 2004

Citigroup offers $126m for e-Serve

Global investment bank Citigroup Inc has offered $126m to take control of e-Serve International Ltd, a Mumbai, India-based business process outsourcing firm.

By CBR Staff Writer

The move follows hot on the heels of IBM Corp’s acquisition last week of another Indian BPO provider, Daksh e-services, and hints at the possibility of a trend developing of US investment in Indian offshoring companies.

e-Serve is the largest public pure-play BPO company in India and employs over 4,500 people. Citigroup is its largest customer, and e-Serve does processing work for the bank in 25 different countries. Citigroup already owns 44% of e-Serve but if is unclear whether or not its offer for the remaining shares will be successful.

The board will meet today (Wednesday) to discuss the offer, but some analysts believe shareholders may hold out for a higher price.

This article is based on material originally published by ComputerWire

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