American International Group, the world’s leading insurance and financial services organization, reached a deal to sell another unit on Wednesday.
The battered insurance giant will sell its AIG Systems Solutions Pvt. Ltd., an India-based company, which offers up IT services to AIG companies across the world, to MphasiS, of Chennai, India.
MphasiS, a unit of Hewlett Packard's Electronic Data Systems, stated that around 39% of its income comes from financial services and insurance companies.
Terms of the deal were not revealed. AIG Systems Solutions is based in Chennai and Kolkata and has around 800 employees.
The agreement was announced on the same day AIG declared that it will sell its Hong Kong finance business to a Chinese bank for around $70 million in cash and $557 million in debt, and a day after the company told that its financial products unit finished the sale of its energy and infrastructure investment assets.
AIG has been selling off parts of the company to increase money to pay off the U.S. government. The insurer got a loan bailout package worth $182.5 billion. The government now owns about 80% of the vast insurer.
Shares of American International Group (AIG), on Thursday, closed at Rs 177.85, up 9.99% or Rs 16.15. The total quantity of shares traded was 51,464 on the BSE.