BIG win for Azim Premji, Wipro bags Rs 5567 crore deal from...

Wipro, an Indian IT firm, has won a 10-year deal worth USD 645.4 million (around Rs 5567 crore) from British insurer Phoenix Group, Reuters reported. This is its second mega deal of the IT company this financial year. Wipro is currently India's fourth largest IT services provider, with a market cap of Rs 2.79 lakh crore, as of March 26. The company was founded by Indian tech magnate Azim Premji, who has a real-time net worth of USD 12 billion, as per Forbes. In June 2024, Wipro announced a USD 500 million deal with a US communications service provider.

The Phoenix Group is the UK's largest long-term savings and retirement business. The latest deal of Wipro is for Phoenix Group's ReAssure business, where Wipro will work on life and pension business administration. Wipro will increase its presence in the UK and will set up hubs for both operations and technology which will staff employees from both companies, it said in a statement. Some employees from Phoenix will also transition to Wipro, it said.

Under the terms of the deal, Wipro’s existing FCA-regulated entity, Wipro Financial Outsourcing Services Limited (WFOSL), will deliver comprehensive life and pension administration services to Phoenix Group’s ReAssure customers. The services will encompass policy administration, claims processing, customer service support, data management and reporting, compliance and regulatory support, and platform technologies.

On Wednesday, shares of Wipro closed 1.33% lower at Rs 267.40 apiece on the National Stock Exchange, compared to a 0.77% decline in the benchmark Nifty. The stock has risen 11.45% in the last 12 months but fallen 11.41% on a year-to-date basis.

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