New Delhi, Jan. 21 -- Tech Mahindra Ltd has bagged one its largest deals ever, a five-year contract worth more than $500 million from Spanish telecom major Telefónica O2. The deal strengthens chief executive Mohit Joshi's efforts to revive growth at the country's fifth-largest IT services firm.

Under the agreement, Tech Mahindra will modernize Telefónica O2's IT infrastructure. The deal is expected to ramp up in the second half of fiscal 2027.

The Pune-based IT company announced the deal during its post-earnings press conference on 16 January but had not named the client. The management had then said it was one of its largest deal wins and its biggest ever in Europe.

The company's earlier largest deal was a $700 million contr...