Wipro secures $300 million worth IT contract from ICICI Bank

The IT firm to buy out this business from Vara Infotech for Rs 321 crore; to absorb 3,800 staffers

IT services company Wipro on Wednesday said it has bagged an IT outsourcing contract worth around $300 million (around Rs 2, 200 crore) from ICICI Bank under which it would provide a comprehensive suite of services to the lender.  

As a part of the contract which has a tenure of 7 years, Wipro entered into a business transfer agreement with Vara lnfotech, a Mumbai based company, for an all cash consideration of Rs 321 crore. Vara Infotech currently provides IT services to ICICI Bank, and post acquisition of this business, Wipro will be the new service provider to the lender.