Mumbai (PTI): IT major TCS on Wednesday announced it has completed the acquisition of Citigroup Global Services, the India-based captive business process outsourcing company, for $512 million.

Besides, TCS will provide process outsourcing services to Citi and its affiliates worth $2.5 billion over a period of 9.5 years as per an agreement reached between the two companies,

Commenting on the deal, TCS Executive Director and COO N. Chandrasekaran said, "The acquisition gives us the ability to offer end-to-end solutions for business operations to our large financial services clients."

TCS has been providing IT services to Citi since 1992 and is currently one of its largest IT services partners.