By Sai Ishwarbharath B and Haripriya Suresh
BENGALURU, Oct 6 (Reuters) - Indian IT services company
LTIMindtree announced on Monday that it had won its
largest-ever deal, with two sources aware of the matter pegging
the size at $580 million.
The sixth largest software services exporter in India said
the deal was with a leading global media and entertainment
company, but did not disclose the name of the client.
The company did not immediately respond to a request for
comment on the size of the deal or the name of the client.
The deal comes at a time when India's $283-billion IT sector
is facing macroeconomic uncertainties, tariff-related risks and
changes in U.S. immigration policy. India's IT companies will
report their numbers for the September quarter starting
Thursday, and analysts expect muted results.
LTIMindtree had also announced its now second-largest deal
of $450 million in May, which sources said was with U.S.
agribusiness giant Archer-Daniels-Midland ( ADM ).
The company's shares closed 3% higher on Monday, marking
their biggest daily jump in nearly five months.
LTIMindtree said it will play a role in the client's efforts
"to streamline operations and modernise delivery models,
incorporating automation, process optimisation, and vendor
consolidation".
HFS Research CEO Phil Fersht said mid-cap companies such
as LTIMindtree, Coforge and Mphasis are
showing momentum in large deal wins as "they're faster and more
flexible in shaping AI-led value propositions".
"While the large caps are still optimising legacy
portfolios, these mid-caps are winning new logos and expanding
into outcome-based, AI-powered deals," he added.