"Tech Mahindra has been selected by Ahlstrom to manage its information technology operations," said the company in its filing to BSE, adding approximately 50 Ahlstrom IT employees globally are planned to move to Tech Mahindra under a business transfer agreement.
Shares of Tech Mahindra gained 1.7 percent intraday Tuesday on signing multi-year long-term contract with Finnish Company Ahlstrom, the fiber-based materials company, in Finland.
"Tech Mahindra has been selected by Ahlstrom to manage its information technology operations," said the company in its filing to BSE, adding approximately 50 Ahlstrom IT employees globally are planned to move to Tech Mahindra under a business transfer agreement.
In an interview to CNBC-TV18, Rajesh Chandiramani, head of sales for Continental Europe at Tech Mahindra, said the deal size exceeds USD 50 million .
Under the agreement, Tech Mahindra has got into a 5-year contract, along with a 2-year extension, with Ahlstrom. Chandiramani said the company may see some pressure on margins on the back of deal.
India's fifth largest software services exporter generates 31 percent of revenues from Europe.
At 13:43 hours IST, the stock was quoting at Rs 2,485, up Rs 13.95, or 0.56 percent on the BSE.
Posted by Sunil Shankar Matkar
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