Tech Reliance gets 5-year IT contract from Reliance Cap

Tech Reliance, Anil Dhirubhai Ambani Group's recently-formed IT subsidiary, has received a five-year outsourcing contract from its sister concern, Reliance Capital.

This is the first deal for Tech Reliance that was formed for the group's foray into the IT consulting and services segment.

However, the financial details of the contract could not be ascertained.

Under the contract, Tech Reliance will manage IT infrastructure and applications management services for Reliance Capital's group companies, including Reliance Money and Reliance Insurance.

The company is being awarded the contracts at market determined prices, sources close to the development said. When contacted a Reliance Communications' spokesperson declined to comment.

Tech Reliance was formed as an umbrella brand three weeks back, with the group bringing all its IT departments under the subsidiary. It has over 2,000 employees, and was also scouting for opportunities from non-group companies.