Wipro technologies to set up offshore centre for Lehman
Bangalore,
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| Wipro Technologies is setting
up a dedicated offshore development centre for Lehman Brothers which is likely
to have a revenue potential of $30-35 million per annum for the company. The
global financial major has selected Wipro and TCS as partners for a major
outsouring deal in the range of $50-70 million per annum for both the companies.
While Lehman Brothers has issued the letter of intent to Wipro, the final contract is expected to be signed during the current quarter. The entire services package from Wipro - from application development, maintenance to even business process outsourcing - is expected to be roped in as part of the deal. According to analysts, Wipro is expected to collect anywhere between $30-35 million from the deal while the rest will go to TCS. Incidentally, this is one of the few large sized deals that have come in to the hands of leading Indian IT services players. While Infosys was also a strong contender in the race, it seems to have lost out in the last minute. The contract was finalised late last week. When contacted, Wipro Technologies president, finance solutions, Girish S Paranjpe said on a steady-state basis Lehman Brothers was expecting to spend close to $50-70 million on outsourcing IT services to India. "We are getting into a framework agreement with them and we estimate that this contract will continue for a period of several years. However the nature of work done each year will vary," Paranjpe said. Wipro has earlier worked with Lehman Brothers in a small way, however, this is the first time it has come in as one of the major clients of Wipro. "Following the bagging of the project, pilot runs have already started and we expect to get the main project on road shortly," he added. Source: The Financial Express |
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