Indian technology firm HCLTech has signed a $1.14 billion strategic partnership with a Europe-headquartered Fortune Global 50 company to transform and manage the client's digital workplace and enterprise network operations.
In a stock exchange filing on Friday, HCLTech said the agreement would establish an 'AI driven operating model' for the customer.
The contract will run from July 2026 to December 2031 and can be extended for a further five years, HCLTech said.
'The estimated value of the agreement during the initial term is US $1.14 billion. This is entirely a net new business for the Company,' it added.
Although HCLTech did not identify the customer, The Economic Times reported, that the client is Mercedes-Benz and that Infosys was the incumbent vendor for the account.
The deal comes as large companies look to use AI to run technology operations more efficiently, while IT services providers compete for major workplace and network transformation contracts.
HCLTech said it has more than 227,000 employees across 60 countries, with services spanning AI, digital, engineering, cloud and software.
Fortune Global 50 refers to the top 50 companies in the Fortune Global 500, an annual ranking of the world's largest companies by revenue. Fortune said companies on its 2025 Global 500 list generated $41.7 trillion in revenue in 2024 and employed 70.1 million people worldwide.