Wipro bags $300 mn contract from ICICI Bank to provide digital technology led services

The digital transformation and IT services major, Wipro Limited has bagged a strategic contract valued at $300 million from the ICICI Bank to provide digital technology led services. Under the contract, Wipro will offer a comprehensive suite of services to ICICI Bank for the next 7 years. Earlier, Mumbai-based IT services firm Vara lnfotech was providing these services to the ICICI Bank. As part of this strategic 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. This transaction is expected to be completed during the quarter ending September 30, 2019 and is subject to customary closing conditions.