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P&A for Vara, Indus for Wipro on $45m buy (and 7 year ICICI deal)

IT major Wipro Limited ... secured a strategic seven-year deal valued at $300 million from ICICI Bank to provide a suite of digital services... Currently, Vara lnfotech provides these services to ICICI Bank. As part of this strategic engagement, Wipro will absorb about 3,800 employees of Vara lnfotech along with its existing contracts, facilities and assets, through a business transfer agreement for an all cash consideration of ₹321 crore and will provide these services to ICICI Bank from September 2019.
Mint

P&A Law Offices advised Vara Infotech led by corporate partner Ketan Mukhija, principal associate Gaurav Priyadarshi and associate Tuhin Batra.

IndusLaw acted for Wipro Limited, with a team led by partner Pallavi Kanakagiri and associate Rahul Tiwari.

2019-09-04

Deal value: Rs 321 crore

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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