Nielsen Holdings NV (NLSN.N), best known for its TV ratings, increased the size of its contract with India's top software services exporter, Tata Consultancy Services Ltd (TCS.NS), to $2.5 billion from $1 billion.
The expanded contract, among TCS's largest, comes at a time when there are expectations that India's $100 billion IT services sector may be turning a corner helped by acceleration in IT spending by existing customers and addition of clients.
Nielsen also extended the contract by three years to 2020, and said it would buy at least $100 million in services annually from TCS, according to a regulatory filing.
The number of clients contributing $100 million or more to annual revenue rose to 16 from 14, TCS said in January.
Under the 10-year contract signed in 2007, TCS provided IT and business services to Nielsen.
TCS already has a multi-year outsourcing contract worth $2.5 billion with Citigroup Inc (C.N) and a $2.2 billion contract with UK-based Friends Life.
TCS, a unit of the salt-to-steel Tata Group conglomerate, boasts of major clients including General Electric (GE.N), British Airways and Sony Corp (6758.T).
The company competes with rival Indian software providers Infosys Ltd (INFY.NS) and Wipro Ltd (WIPR.NS) as well as multinational firms such as IBM (IBM.N) and Accenture Plc (ACN.N) for outsourcing deals.
TCS shares closed at 1,414.70 rupees on Monday on India's National Stock Exchange.
Nielsen, which has a market value of $11.9 billion, closed at $32.67 on the New York Stock Exchange. (Reporting By Aditya Kondalamahanty and Supantha Mukherjee in Bangalore; Editing by Sriraj Kalluvila)
Welspun faces new probe from Bed Bath, shares pressured
CHICAGO/NEW DELHI U.S. retailer Bed Bath & Beyond said it ordered an external audit of textiles from Welspun India, putting more pressure on the embattled Indian bedding and towel maker that has seen nearly half its market value wiped out this week.
Oil prices dip as focus returns to global supply overhang
SINGAPORE Crude prices dipped on Thursday as brimming U.S. and Asian fuel inventories returned investor attention to a large global supply overhang, cutting short a price-rally and restricting Brent crude futures to below the $50 a barrel mark.
Central bankers eye public spending to plug $1 trillion investment gap
JACKSON HOLE, WyomingWhile markets wait for Janet Yellen's latest message about the direction of monetary policy, the Federal Reserve chief and her colleagues already have one for politicians: the U.S. economy needs more public spending to shift into higher gear.