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Tuesday April 16, 10:43 am Eastern Time

Press Release

SOURCE: Infosys

Infosys Announces Progeon, its Business Process Management Venture

Citigroup Investments to Invest US$ 20 Million

BANGALORE, India & FREMONT, Calif.--(BUSINESS WIRE)--April 16, 2002--Infosys Technologies Ltd. (Nasdaq:INFY - news) today announced the launch of its Business Process Management venture called Progeon Ltd. (``Progeon''), a company in which it would hold a majority stake. Infosys has also acquired additional funding of US$ 20 million from Citigroup Investments for Progeon. Infosys had announced its plans to start a BPM initiative at the declaration of its annual results last week, with an investment of US$ 5 million.

Progeon (Managing Processes in the Global Era (Eon)) will be headquartered in Bangalore and is incorporated in India. The company will currently operate out of Infosys' state-of-the art facilities at Bangalore. Together, Progeon and Infosys will offer their clients a complete cost-effective solution based on service and technology outsourcing.

``Infosys welcomes Citigroup Investments as an investor and we see this as a great partnership,'' said Phaneesh Murthy, Infosys board member and head worldwide sales and marketing.

``Infosys is a leading brand in India and this is a significant investment for us,'' said Robert Druskin, executive vice president - chief operations and technology officer, Citigroup. ``We already have a business relationship with Infosys, which we are happy with, and it was logical for Citigroup Investments to build upon the existing relationship with Infosys by investing in Progeon.''

About Infosys Technologies Ltd. (Nasdaq: INFY - news)

Infosys, a world leader in consulting and information technology services, partners with Global 2000 companies to provide business consulting, systems integration, application development and product engineering services. Through these services, Infosys enables its clients to fully exploit technology for business transformation. Clients leverage Infosys' Global Delivery Model to achieve higher quality, rapid time-to-market and cost-effective solutions. Infosys has approximately 10,000 employees in over 30 offices worldwide. For more information, visit www.infy.com.

About Citigroup

Citigroup (NYSE:C - news), the preeminent global financial services company with some 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers. Additional information may be found at: www.citigroup.com.