Tech Mahindra bags multi-million euro project from Ahlstrom

Tech Mahindra, the information technology unit of the Mahindra Group, said it signed a five-year IT deal with Finland’s Ahlstrom under which it will absorb about 50 Ahlstrom employees.

The deal is an end-to-end IT services contract, including parts of infrastructure management and application development and maintenance services. Tech Mahindra did not disclose the financial terms but a person with knowledge of the matter said it is worth about $50 million over the course of the contract.

“Finland is a very important and strategic market for us. This agreement will help us…with enabling our innovative service offerings for the customers in the region,” Rajesh Chandiramani, Tech Mahindra’s head of enterprise business for Continental Europe, said in a statement. The transition of the employees is scheduled to take place on December 1.

Tech Mahindra generates about a third of its revenue from Europe and employs about 2,900 people there. The company has said expanding in the continent and winning more deals in Europe will be a key part of its strategy to achieve its $5 billion revenue target by 2015. Tech Mahindra reported revenue of $3.2 billion in fiscal 2014 ended on March 31.

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