Wipro bags $300 million deal from ICICI Bank through business transfer

BENGALURU: Wipro has received a long-term $300 million contract from ICICI Bank to provide digital technology led services.

The company said in a filing to the BSE that it has secured a strategic seven-year engagement from the major Indian private sector bank.

This is a business transfer from Vara lnfotech, which currently provides services to the bank.


As part of the 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 Rs 321 crore and will provide these services to ICICI Bank, beginning this month.

"The revenues generated by this business in the last financial year (FY19) was Rs 221.5 crore," said Wipro in the filing.

This is expected to be completed in the quarter ending September 30.

The company this engagement would further strengthen its efforts to provide differentiated technology and digital capabilities to the financial services industry.