India's Genpact leads race for Citi's BPO - report

MUMBAI, Sept 18 (Reuters) - Genpact Ltd (G.N), India's largest back-office firm by export revenue, is leading the race to buy a controlling stake in Citigroup's (C.N) business process outsourcing (BPO) unit, the Economic Times said on Tuesday.

Citing unnamed sources, the newspaper said a decision was expected by the end of September.

It said the value being talked about was around $850 million, but it was not clear whether this was for the entire unit or for a majority stake.

The newspaper said Citi could continue to retain around 20 percent in the arm, but the management control would be with the new investor.

"We are not commenting on market rumours," a Citigroup spokesman said.

A spokeswoman for Genpact could not be immediately reached.

New York-listed Genpact is rated by software body National Association of Software and Service Companies as India's largest back-office services exporter.

India-based outsourcing firms WNS (Holding) (WNS.N) and Firstsource Solutions (FISO.BO) were also eyeing the Citi business, the paper said.