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Indias Infosys Technologies Ltd said it has got a multiyear, multimillion dollar global services deal from AstraZeneca Plc. Under the deal agreement, Infosys will deliver complete application maintenance services to the drug firms global operations in areas such as manufacturing, supply chain, finance, human resources and other corporate functions, it said in a statement.
Earlier Infosys had said that it was pursuing five to six outsourcing deals each worth USD50 million to USD200 million but the global economic downturn has slowed deals, its chief financial officer said. Even now we are pursuing some of the large deals, V Balakrishnan told.
The problem is the velocity of business is getting hurt because of the environment. Nasdaqlisted Infosys, Indias secondlargest software services exporter, designs supply chains, develops applications and offers backoffice services. It gets more than half its revenue from the United States but is expanding to Europe and elsewhere.
Customers are more cautious now. They want to conserve cash, Balakrishnan said. He said companies that were doing 10 projects earlier were now doing only three or four, while some were postponing plans.
But the economic slowdown in the United States, which accounts for more than half of the sectors export revenue, and turmoil in the global financial sector have halted its scorching pace of growth and battered stocks.
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