UST bags Rs 500 crore-plus digital transformation deal from Muthoot FinCorp, group firms

The six-year engagement, which runs until 2031, will see UST drive technology modernisation across eight Muthoot Pappachan Group entities.

Information technology firm UST has secured a Rs 500 crore-plus digital transformation deal from Muthoot FinCorp Ltd and other group companies under the Muthoot Pappachan Group, the company said in a release.

The six-year engagement, which runs until 2031, will see UST drive technology modernisation across eight Muthoot Pappachan Group entities.

The deal spans 22 service towers and supports operations across more than 4,200 branches in 29 states, one of the largest technology ecosystems among Indian non-banking financial companies.

UST has been working with the Muthoot Pappachan Group since 2020, supporting its digital transformation across infrastructure, cloud, and security domains.

“Our continued partnership with Muthoot FinCorp Ltd. and the wider Muthoot Pappachan Group is a strong endorsement of UST’s capabilities in managing large, mission-critical financial services environments,” said Alexander Varghese, President, UST.

He added that the multi-year engagement reflects a shared focus on resilience, security and long-term digital transformation.

Shaji Varghese, Chief Executive Officer of Muthoot FinCorp Ltd., said the partnership will help the company modernise its IT infrastructure, strengthen cybersecurity and deliver seamless services as it expands its nationwide footprint and product offerings.

The agreement was formally signed in Thiruvananthapuram, with senior leadership from both organisations present.