UST, Muthoot FinCorp & Group companies ink Rs 500-crore digital transformation deal

New Delhi, Jan 27 (PTI) American technology firm UST on Tuesday said it has signed a Rs 500 crore deal with Muthoot FinCorp Ltd and other group companies under the Muthoot Pappachan Group (Muthoot Blue) to strengthen the conglomerate's IT infrastructure, cloud, data centre and cybersecurity operations.

The deal marks an expansion of the partnership between the two organisations, which began in 2020.

Under the terms of the engagement, UST will oversee the technology ecosystem for eight MPG entities, covering more than 4,200 branches across 29 states and serving thousands of users.

"UST, a leading AI and digital transformation solutions company, has secured a Rs 500+ crore digital transformation deal with Muthoot FinCorp Ltd and other group companies under the Muthoot Pappachan Group (Muthoot Blue).

"This six-year deal, extending through 2031, marks a significant milestone in the long-term strategic partnership between the two organisations, reflecting Muthoot FinCorp Ltd’s continued confidence in UST as its trusted technology and transformation partner," UST said in a statement.

UST will roll out an upgraded technology stack that integrates modern engineering practices with leading industry platforms, which will feature advanced cybersecurity measures, including Zero Trust security architectures, AI-driven threat detection, automated incident response, next-generation endpoint protection, and perimeter defences.

UST will also drive hybrid and multi-cloud modernisation efforts to optimise workloads, bolster disaster recovery, enhance application performance, and introduce cloud-native capabilities across mission-critical systems for Muthoot FinCorp Ltd and its seven associated entities under MPG.

"This renewal goes beyond infrastructure management to enable operational excellence at scale.

"By combining modern cloud architectures, advanced cybersecurity, and automation-led operations, we are supporting Muthoot Pappachan Group in strengthening its technology core while remaining agile in a rapidly evolving financial services landscape," Dileep Sivan Pillai, Vice President and Head of India Business, UST, said. PTI ANK DRR