Wipro gets $300-million ICICI Bank deal via Vara Infotech

Wipro secured a $300-million (Rs 2,156 crore) seven-year deal from the country’s leading private sector bank ICICI Bank through Vara Infotech for providing a suite of services, said the IT major on Thursday.

“As Vara provides the services, we will absorb its 3,800 employees along with its contracts, facilities and assets through a business transfer agreement for Rs 321 crore in an all-cash deal,” said the city-based software behemoth in a statement here.

The bank contract generated Rs 221.5 crore business for Vara in the fiscal 2018-19.

“The transaction is expected to be completed during the (second) quarter ending September 30 and is subject to customary closing conditions,” said the outsourcing firm in the statement.