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IT services major HCLTech on Friday said it has secured a USD 1.14 billion deal from a Europe-headquartered Fortune Global 50 company to transform and manage its digital workplace and enterprise networks. HCLTech did not disclose the name of the firm. Under the partnership, HCLTech will establish an Artificial Intelligence (AI)-driven operating model for the client, according to a regulatory filing. The initial term of the agreement spans five-and-a-half years, from July 2026 to December 2031, with an option to extend the partnership for a further period of five years. "The estimated value of the agreement during the initial term is USD 1.14 billion. This is entirely a net new business for the company," HCLTech said.
India appears set to move towards a dedicated regulatory framework for artificial intelligence, with IT Secretary S Krishnan on Friday saying the time has come to look at a separate AI regulation. Krishnan noted that while existing legal provisions have so far been adequate in addressing initial concerns on issues like deepfakes and AI-generated synthetic content, an "additional regulation or law may be needed". "It is a conversation which has commenced, and my Minister (IT Minister Ashwini Vaishnaw) and I have both been on record earlier that we will look at AI regulation when the time is right, and it appears that the time is getting right, and we will start looking at it," Krishnan said. He added: "We have used the IT rules, and other provisions of existing law to address various concerns that AI raises, but now, probably the time has come to look at a separate legislation." Asked about the timelines for bringing out a new AI regulation, the IT secretary said: "As Ministry, at a