Wipro Rockets 3% On Massive $1 Billion Mega-Deal; Acquires Mindsprint For $375 Million
Shares of Wipro Limited surged more than 3% on Monday morning after the IT major announced a landmark $1 billion strategic transformation contract with Singapore’s Olam Group. As part of the eight-year agreement, Wipro will also acquire Olam's technology arm, Mindsprint, for $375 million.
- Republic Business
- 2 min read
Wipro Ltd (WIPRO.NS) shares spiked in early trade today, marking one of the company's largest deal wins in recent years. The stock opened at ₹198.40 and quickly gained momentum following the announcements of a mega-contract and a strategic acquisition.
The $1 Billion Deal
Wipro was trading at ₹201.20, up 3.23% on the National Stock Exchange in early morning trade. The rally follows an eight-year engagement with Olam Group, a global food and agri-business giant. At the time of reporting, at 10:50 am, Wipro was up by 1.32%, trading at ₹197.45.
Under the terms of the deal:
- Total Value: Expected to exceed $1 billion.
- Committed Spend: Olam has committed a minimum of $800 million over the contract period.
- Scope: Wipro will lead an AI-driven "farm-to-fork" transformation, covering farming, supply chain, and customer engagement.
Wipro has also signed a definitive agreement to acquire Mindsprint, Olam’s IT and digital services subsidiary, for an enterprise value of $375 million. Based in Singapore with a significant workforce in India, Mindsprint brings over 3,200 professionals and specialized proprietary IP to Wipro’s portfolio. The acquisition is expected to close by the end of June 2026, after which Mindsprint will operate as a wholly-owned subsidiary.
Advertisement
The stock's performance today marks a significant turnaround after a lackluster start to the year.
- Day’s High: ₹201.20
- Previous Close: ₹194.91
- Volume: Over 1.6 crore shares traded in the first 90 minutes.
The deal reinforces CEO Srini Pallia's strategy to secure high-value, long-term AI contracts. "This is a key step in expanding our farm-to-fork capabilities and scaling AI-led offerings," Pallia stated in a release.