Wipro Bags $300-Million Deal From ICICI Bank

Wipro Ltd has secured a strategic seven-year engagement, valued at $300 million, from ICICI Bank to provide a comprehensive suite of services.

“This engagement will further strengthen our endeavour to provide differentiated technology and digital capabilities to the financial services industry,” a Wipro statement said.

Currently, IT services company Vara lnfotech provides these services to ICICI Bank. As part of the latest deal, Wipro will absorb about 3,800 employees of Vara lnfotech along with its existing contracts, facilities and assets, on a going-concern basis, through a business transfer agreement for an all-cash consideration of Rs. 321 crore.

The revenue generated by this business in FY19 stood at Rs. 221.5 crore, said Wipro. The latest transaction is expected to be completed during the quarter ending September 30, and is subject to customary closing conditions, it added.―The Hindu Business Line