New Delhi, March 26 -- Wipro Ltd bagged a 10-year contract with UK-based insurance company Phoenix Group, valued at $650 million, making it the second deal of $500 million and upwards in less than a year for the country's fourth largest information technology (IT) services company.

This means that Wipro is expected to get $65 million in revenue from the company annually. The company would be handling Phoenix's policy administration, claims processing, customer support, data management and compliance support, Wipro announced on Wednesday.

This deal comes amid a draught in big-ticket deals for India's largest IT outsourcing companies. Wipro, which ended last fiscal with $10.8 billion in revenue, signed a five-year deal valued at $500 mill...