Tech Mahindra signs five-year deal with two companies

Mumbai: Tech Mahindra, providing IT solutions and services to the telecom industry, signed five-year deals worth $250 million (around Rs 1,100 crore) from two customers. The company did not provide break-up of individual deals.

The Mumbai-based firm signed a five-year testing deal with a leading US telecom player and an existing client (most likely AT&T). It also bagged another deal from a leading Kuwait Telecom for systems integration.

The company has been focusing on getting larger deals and increasing its revenue share from the US and the APAC region. It recently has won deals from Telecom Fiji, and a $20 million deal from Telecom New Zealand among others.

Currenlty, North America contributes close to 20 per cent to Tech Mahindra’s revenue, and the rest of the world around 6 per cent. With over 70 per cent coming from Europe, primarily through its largest telecom client, BT.

The company’s share were up by 3.75 per cent and were trading at Rs 803.10 on the Bombay Stock Exchange.