Most of the application team I lead is in Brazil and the global IT leadership (US-based) now wants to move some of that work to a new global delivery center in India to be more cost effective, but I have doubts. The Brazil team is delivering good quality — is cost efficiency enough reason to relocate the work? What are the biggest pros/cons we need to consider?

Communications, and approach to quality and service. In any new delivery center you’ll experience a significant learning curve, and it will take time to be productive, and even longer to prove more effective.

You may need to add other criteria to the discussion (other than cost, but ultimately translate to operational costs), such as speed to value (is time zone difference an issue?), knowledge of the business (how long before the India team is up to speed?). Also, what will be the cost of transferring the work to India? Finally, if they still want to proceed, you can always try a pilot to validate your leadership team's assumptions...