Indian tech firm HCLTech has signed a major deal with a Europe-based Fortune Global 50 firm to establish an artificial intelligence model for the latter.
In a filing at the National Stock Exchange on Thursday, July 2, HCLTech disclosed that the initial term of the agreement is around five years, which is extendable for another term of same duration. The value of the initial term of the deal is $1.14 billion, according to the filing.
“HCLTech is pleased to announce the signing of a significant strategic partnership with a Europe headquartered, Fortune Global 50 Firm to establish an AI driven operating model to transform and manage their Global Digital Workplace and Enterprise Networks,” the filing read.
“The initial term of the agreement is from July 2026 to December 2031, extendable for a further period of 5 years. The estimated value of the agreement during the initial term is US $ 1.14 Billion. This is entirely a net new business for the Company,” it added.