Hyderabad, Sep 23 (IANS): Tech Mahindra, India's fifth largest software services exporter, has bagged a multi-million euro contract from Ahlstrom to manage its information technology operations.

The agreement aims to increase efficiency, harmonize service levels and lower information technology costs for the Finnish fiber-based materials company.

Under an agreement signed by the two companies in Helsinki, about 50 Ahlstrom IT employees globally will move to Tech Mahindra. The planned transfer is expected to take place on Dec 1 this year, said a statement released here.

"The arrangement will allow us to build more harmonized IT portfolio with a lower cost. In addition, it provides interesting career and professional development opportunities for the people being retained at Ahlstrom and for those being transferred to our alliance," said Kristiina Lammila, vice president, information solutions, Ahlstrom.

"This agreement will also help us provide a wide array of future opportunities for the Ahlstrom IT professionals globally while helping us with enabling our innovative service offerings for the customers in the region," said Rajesh Chandiramani, head of enterprise business, continental Europe, Tech Mahindra.

Tech Mahindra, which has revenues of $3.2 billion, generates 31 percent revenues from Europe. It has presence in 20 countries and employs over 2,900 professionals, enabling leading enterprises including KPN BASE, Volvo and UBS innovate and future ready.