IT services company HCL Technologies on Monday said it has signed an outsourcing agreement worth $ 110 million (around Rs 506 crore) with Singapore Exchange (SGX) for a period of five years.

Under the agreement, HCL will provide SGX with infrastructure support and management services, including the exchange’s reach initiative, HCL Technologies said in a joint statement with SGX.

Reach initiative was launched to create the world’s fastest trading engine and connect trading communities in global financial hubs to Singapore.

“With this agreement in place, our 700-plus strong team at HCL’s regional headquarters and delivery centre, we plan to further consolidate our position here in Singapore to develop and focus extensively on markets in the Asia Pacific region,” HCL Technologies Executive Vice-President (APAC & MEA) Virender Aggarwal said.

“HCL is an important partner for SGX in enabling the reach initiative to provide customers with the fastest access to Asia, and in enhancing the efficiency and effectiveness of our operations on a daily basis,” SGX Executive Vice-President and Chief Information Officer Bob Caisley said.

HCL was trading at Rs 378.40 on BSE, up 2.63 per cent from previous close.

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