Currently, Vara lnfotech provides these services to ICICI Bank. As a part of this strategic engagement, Wipro will absorb about 3,800 employees of Vara lnfotech along with its existing contracts, facilities and assets, on a going concern basis, through a business transfer agreement for an all cash consideration of Rs 321 Crores and will provide these services to ICICI Bank from September 2019. The revenues generated by this business in the last financial year (FY19) was Rs 221.5 Crores. This transaction is expected to be completed during the quarter ending 30 September 2019 and is subject to customary closing conditions.
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