New Delhi, Jan. 27 -- IT and digital transformation solutions company, UST, on Tuesday secured a Rs.500-crore-plus digital transformation contract from financial services firm Muthoot FinCorp Ltd. and other companies of the Muthoot Pappachan Group (MPG), extending its technology partnership with the NBFC group for six years till 2031, the companies said.
The deal covers eight MPG entities, making it one of the larger long-term IT transformation contracts in India's NBFC sector. UST will manage and modernise one of the country's largest NBFC technology ecosystems, spanning 22 service towers and over 4,200 branches across 29 states.
The contract is a continuation of a partnership that began in 2020, under which UST has supported MPG's digital initiatives across infrastructure, cloud, and security.
Under the agreement, UST will deploy an upgraded technology stack across Muthoot FinCorp and group companies, covering cloud modernisation, cybersecurity, infrastructure operations, and application resilience. The mandate includes hybrid and multi-cloud migration, disaster recovery enhancement, workload optimisation, and cloud-native adoption across mission-critical systems.
A significant portion of the engagement focuses on cybersecurity, including Zero Trust architecture, AI-driven threat detection, automated incident response, and next-generation endpoint and perimeter security, as regulatory scrutiny and cyber risks rise in the financial services sector.
UST said the platform supports thousands of users and integrates over 100 technologies, with emphasis on uptime, regulatory compliance, and operational resilience as Muthoot FinCorp scales its lending and branch network.
The agreement was formally signed in Thiruvananthapuram, in the presence of senior leadership from both organisations. "This multi-year engagement reflects confidence in our ability to manage large, mission-critical financial services environments," said Alexander Varghese, President, UST.
Thomas John Muthoot, Chairman and Managing Director of Muthoot Pappachan Group, said the renewal was aligned with the group's long-term growth and digital infrastructure plans, while Shaji Varghese, CEO, Muthoot FinCorp, said the partnership would support nationwide expansion and regulatory requirements.
UST has a major presence in India, with over 20,000 employees and significant expansion in 2025, including new offices in Delhi NCR (Noida, Gurgaon), Pune, and Bengaluru. The company operates major delivery centres in Thiruvananthapuram, Kochi, Chennai, Hyderabad, Coimbatore, Ahmedabad, and Hosur, serving sectors such as technology, healthcare, and retail.
Published by HT Digital Content Services with permission from TechCircle.