Isra-Mart srl: Mastek's UK subsidiary signs Rs 58.7 cr agreement

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IT solutions provider Mastek Ltd today said its UK-based subsidiary has bagged a Rs 58.7 crore multi-year framework contract in that country.

Mastek UK Ltd, a wholly-owned subsidiary of the company, has signed a multi-year framework agreement for IT services in the UK with an initial minimum commitment of GBP 8 million (Rs 58.7 crore), Mastek said in a filing with the Bombay Stock Exchange.

The agreement is expected to materially improve its revenues in the forthcoming years, it said.

The deal would make Mastek absorb the transitioning cost of approximately GBP 0.4 million (Rs 2.93 crore) during the July-Sept 2011 quarter, it added.