The potential deal between Infosys and an undisclosed global firm was linked to artificial intelligence. The termination of the Memorandum of Understanding (MoU) with an undisclosed global company has been confirmed by Infosys.
Infosys is one of the biggest tech companies in India with a market cap of more than Rs 600000 crore. Founded by IIT graduate billionaire Narayana Murthy, Infosys has clients all across the globe and few of the biggest multinational companies have tied up with the Indian giant. As we are living in the AI generation, every firm wants to keep up with the pace. With an aim to achieve the same, one such company was about to sign a massive Rs 12500 crore deal with Infosys before it was called off. The potential deal between Infosys and an undisclosed global firm was linked to artificial intelligence. The termination of the Memorandum of Understanding (MoU) with an undisclosed global company has been confirmed by Infosys.
Narayana Murthy’s Rs 600000 crore company lost the major Rs 12500 crore deal weeks after CFO Nilanjan Roy resigned. For those who are unaware, Nilanjan Roy joined Infosys in 2019. He previously served as the Global Chief Financial Officer of Bharti Airtel Ltd. and held various leadership positions. The deal with Infosys was intended to be a commitment of 15 years. The MoU between the companies was signed in September.
“This is in continuation to the disclosure made by Infosys vide letter dated September 14, 2023, titled “Company update” with respect to a Memorandum of Understanding with a global company which was subject to parties entering into a Master Agreement,” Infosys said in their exchange filings.
"The global company has now elected to terminate the Memorandum of Understanding and the parties will not be pursuing the Master Agreement." the company further added.
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