India's biggest IT Services firm Tata Consultancy Services is about to close additional deals worth 1 billion USD with British retailer Marks & Spencer in the next few weeks, people aware of the developments said.
It will mark the biggest deal win for TCS in 2023, which is also in line to renew its current five-year engagement with the UK-headquartered company.
"Apart from the 2018 deal renewal, there are multiple additional deals in the pipeline with a cumulative value of over 1 billion USD that M&S will close," an industry executive in the know said.
"As an existing partner, TCS is in the frontline to win these deals," the person added, speaking anonymously.
The new deals in the pipeline include mandates for business process services and digital transformation programs, among others. These engagements are expected to be spread out over 8-10 years.
M&S representatives did not respond to queries till press time.
"As per policy, we do not comment on market speculation," TCS said in an emailed response to queries.
These large deal wins are significant at a time when global enterprises turn cautious about technology spending.
Many companies are also resorting to more outsourcing as they drive costs and organizational efficiencies in a challenging macro environment.
In 2018, TCS became a strategic partner to the global fashion retailer. It has since worked on human resource solutions addressing over 80,000 employees of the British company, as well as a solution using the Oracle supply chain management platform.
