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India's largest IT firm Tata Consultancy Services has bagged a 550 million euro ($643.89 million) order from Scandinavian insurance firm Tryg, the company said on Tuesday, announcing its first mega deal this fiscal year.
Mega deals, which are typically worth more than $500 million, are key revenue drivers for IT services companies.
TCS, during the seven-year deal tenure, will leverage its suite of AI and cloud solutions across Tryg's entire IT operations, the company said.
India's $283 billion IT sector has been facing a rough patch as clients hold back non-essential spending because of weak demand, persistent inflation and lingering uncertainty over U.S. trade policies.
Mega deals have become a rarity in the current demand environment.
TCS Chief Executive K Krithivasan, in July, flagged that there were delays in client decision-making and project starts.
In late July, TCS also announced laying off 2% or 12,000 employees, mostly mid- and senior-level roles.
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