Pros
If you are a fresher or someone with 2 to 4 years of experience, it can be a good work opportunity (learning wise).
Cons
I am writing what I experienced first hand. I was selected for a ITC's client Herbalife (Prestige Shantiniketan, BLR). Within a month (fromt the day I joined), my hiring manager from the client side was laid off. Many of the team members were laid off too as it seemed the project I was hired for initially got shut down or maybe postponed (god knows) and my delivery manager and HR (both from ITC) called me and informed me about this situation and asked me to actively attend interviews for ITC's other clients. I was given a month's time for this and I was told if I manage to crack the interview elsewhere then it is well and good, if I am lucky enough to be retained by the Herbalife then it is well and good again, otherwise, they will let me go. Just one month of joining and imagine hearing this. I had rejected 2 other offers for ITC, just to hear this non-sense.