The Hindu Business Line : HCL bags $200-m, five-year contract from Skandia

Under this deal, HCL will hire about 250 employees of Skandia UK and continue to hire more at its Chennai centre. Skandia UK will outsource application optimisation, including development, maintenance and support (across all platforms) and remote infrastructure management to HCL.

Talking to presspersons here on a conference call, the HCL President, Mr Vineet Nayar, said, "The contract would be spread out over the five years, with $40 million per annum. The revenues from the deal will start flowing from February 1, 2007."

While Skandia earlier handled the same jobs internally as well as through third-party vendors, the company selected HCL as its vendor over some of the other companies that had also bid for the deal, added Mr Nayar.

When asked whether the deal would allow HCL access to Skandia's operations in other countries, he said HCL hoped to get preferential access to projects at Skandia Group and Old Mutual Group. Skandia Group is part of the Old Mutual Group, a global financial services company listed on the London Stock Exchange.

HCL has signed five major deals since December 2005 and all of these have been above the $50-million mark.

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