India's HCL Secures $200 Million Services Pact From Skandia

India's HCL Technologies on Wednesday said it won a five-year contract to provide technology services to the U.K. arm of European financial services giant Skandia Group.

Under the deal, valued at $200 million, HCL will provide Skandia with infrastructure management and software development and maintenance services. About 250 tech workers from Skandia will join HCL as part of the arrangement.

HCL president Vineet Nayar told reporters on a conference call Wednesday that his company outbid several global outsourcers for the contract, but declined to name them.

Vineet said HCL expects to begin seeing revenue from the contract in February and that those revenues will be spread equally over the five-year duration of the deal. To help fulfill the contract, HCL is opening a software development center in the Indian city of Chennai on behalf of Skandia.

HCL is among a handful of Indian outsourcers that have attained the size needed to handle broad, multifaceted outsourcing engagements with major financial and industrial companies. Its revenues increased 36% year over year in the most recent quarter, and last week the company announced a 1-for-1 stock split for its shares listed on the Mumbai exchange.