Points to Remember:
- Wipro has secured a seven-year contract valued at $300 million (Rs. 2,160 crore) from ICICI Bank to provide a range of services.
- The company will also absorb 3,800 employees of Vara Infotech, which currently provides these services to ICICI, along with its existing contracts, facilities and assets for Rs. 321 crore.
- Vara’s revenue from these services stood at Rs. 221.5 crore in 2018-19.
- The transaction is expected to be completed during quarter ended 30 September.
- This is the first major deal that the IT behemoth sealed after its founder Azim Premji handed over the reins to his son Rishad Premji on 31 July.
- Wipro Limited is an Indian multinational corporation that provides information technology, consulting and business process services.
- It is headquartered in Bangalore, Karnataka, India.
- In 2013, Wipro separated its non-IT businesses and formed the privately owned Wipro Enterprises
- CEO: Abidali Neemuchwala (1 Feb 2016–)
- Founder: M.H. Hasham Premji
- Owner: Azim Premji
- Subsidiaries: Appirio, Topcoder, Yardley of London, Designit, etc.
Important Possible questions based on above News:
- Which IT Bahemoth has secured a seven-year contract valued at $300 million (Rs. 2,160 crore) from ICICI Bank to provide a range of services? Wipro
- Who is the incumbent CEO of Wipro? Abidali Neemuchwala