Wipro Limited,
a leading information technology, consulting and business process
services company, informed the exchanges post market hours Wednesday
that it has secured a strategic seven-year engagement, valued at $300
million, from ICICI Bank, a leading Indian private sector bank, to
provide a comprehensive suite of services.
Wipro has a significant presence as an IT services provider in the
global banking and financial services sector. Wipro provides innovative
solutions to banks by leveraging Wipro HOLMES, the Company's Artificial
Intelligence platform.
"This engagement will further strengthen our endeavor to provide differentiated technology and digital capabilities to the financial services industry" the company said.
Currently, Vara lnfotech provides these services to ICICI Bank. As a part of this strategic engagement, 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 Rs321cr and will provide these services to ICICI Bank from September 2019. The revenues generated by this business in the last financial year (FY19) was Rs221.5cr.
This transaction is expected to be completed during the quarter ending September 30, 2019 and is subject to customary closing conditions.
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"This engagement will further strengthen our endeavor to provide differentiated technology and digital capabilities to the financial services industry" the company said.
Currently, Vara lnfotech provides these services to ICICI Bank. As a part of this strategic engagement, 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 Rs321cr and will provide these services to ICICI Bank from September 2019. The revenues generated by this business in the last financial year (FY19) was Rs221.5cr.
This transaction is expected to be completed during the quarter ending September 30, 2019 and is subject to customary closing conditions.
Wipro Ltd ended at Rs256.10 up by Rs2.4 or 0.95% from its previous closing of Rs253.70 on the BSE.
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