Indian IT major HCLTech has secured a major deal worth $1.14 billion with a Europe-based Fortune Global 50 company to build an artificial intelligence-driven operating model, marking one of the largest contracts announced by an Indian technology firm this year.
In a regulatory filing with the National Stock Exchange (NSE) on Thursday, July 2, HCLTech said the agreement will initially run for around five years and can be extended for another five-year term. The company estimated the value of the initial contract at $1.14 billion.
“HCLTech is pleased to announce the signing of a significant strategic partnership with a Europe headquartered, Fortune Global 50 Firm to establish an AI-driven operating model to transform and manage their Global Digital Workplace and Enterprise Networks,” the filing stated.
“The initial term of the agreement is from July 2026 to December 2031, extendable for a further period of five years. 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.
While HCLTech did not reveal the identity of its client, it confirmed that the company is headquartered in Europe and is part of the Fortune Global 50 ranking.
HCLTech doubles down on AI ambitions
HCLTech describes itself as a global technology company with more than 227,000 employees across 60 countries. According to the company’s website, it offers services across artificial intelligence, digital transformation, engineering, cloud computing and software.
Speaking to CNBC, HCLTech CEO and Managing Director C. Vijayakumar said the company’s long-term ambition is to become “the best AI solutions company in the world.”
What is the Fortune Global 50?
The Fortune Global 50 comprises the top 50 companies featured in the annual Fortune Global 500 ranking, which lists the world’s 500 largest corporations based on revenue.
According to Fortune, the companies on the 2024 Global 500 list generated a combined $41.7 trillion in revenue, representing an increase of 1.8% over the previous year.
Together, these companies employ around 70.1 million people worldwide, with their combined revenues accounting for more than one-third of global GDP. The Global 500 recorded $2.98 trillion in total profits in 2024, making it the second most profitable year in the ranking’s history. Financial services companies contributed nearly $1 trillion of those earnings, while Walmart retained the top spot for the 12th consecutive year and the 20th time overall since 1995.
