India's largest outsourcers are dropping prices by up to 20 percent as financially challenged global customers renegotiate existing contracts and award new projects at much lower rates. Tata, Infosys, Wipro and HCL have been or are discussing such rate adjustments with high-profile corporations in financial, retail, automotive and telecom markets.
British Telecom, Bank of America, Citibank, Visa, Best Buy, Applied Materials, and Nissan are among many companies reportedly looking for cost savings from their India-based IT services partners as the global recession is forcing CIOs to pursue brutal cost-cutting campaigns across their organizations.
Source: Information Week