Stock to watch, March 26 -- IT services company Wipro on Wednesday announced that it has clinched a 500-million pound (USD 644.7 million), 10-year strategic deal from British insurer Phoenix Group.

Announcing the blockbuster deal, Wipro said the project is designed to deliver life and pension business administration for the ReAssure business and accelerate Phoenix Group's operational transformation.

As per the contours of the deal, Wipro's existing FCA-regulated entity Wipro Financial Outsourcing Services Limited (WFOSL) will deliver comprehensive life and pension administration services to Phoenix Group's ReAssure customers. As part of the "transformational" initiative, a number of Phoenix employees will transition to Wipro, the releas...