India's Wipro wins $650 million deal from British insurer Phoenix Group

Reuters

Wed, Mar 26, 2025, 5:12 AM 1 min read

BENGALURU (Reuters) - Wipro, India's No.4 IT services provider, won a 10-year woody worthy 500 cardinal pounds ($645.4 million) from British insurer Phoenix Group, the institution said connected Wednesday, announcing its 2nd mega woody this fiscal year.

Mega deals, which are typically worthy much than $500 million, are cardinal gross drivers for IT services companies. In June 2024, Wipro announced a $500 cardinal woody with a U.S. communications work provider.

The latest woody is for Phoenix Group's ReAssure concern wherever Wipro volition enactment connected beingness and pension concern administration.

Wipro volition summation its beingness successful the United Kingdom and volition acceptable up hubs for some operations and exertion which volition unit employees from some companies, it said successful a statement.

Some employees from Phoenix volition besides modulation to Wipro, it said, but did not divulge numbers.

Wipro's Mumbai-listed shares closed 1.3% down connected Wednesday. The connection came aft the Indian banal marketplace closed for the day.

($1 = 0.7747 pounds)

(Reporting by Haripriya Suresh; Editing by Savio D'Souza)