BENGALURU, April 30 -- Infosys Ltd has won a contract worth upwards of $500 million from US-based Truist Financial Corp. to set up and run a global capability centre (GCC) in Hyderabad, making it the largest such engagement where an IT services firm is building and operating a back-office hub for a client. According to two people with knowledge of the matter, Infosys will set up the GCC for the North Carolina-based bank, extending a two-decade relationship between the two companies. Infosys won the contract in March and is expected to begin work in the coming months. As part of the deal, the country's second-largest IT services firm will establish a tech centre expected to employ at least 4,500 people, under a built-operate-transfer (BOT) arrangement in which Infosys will run the facility for five years before transferring operations to the client. As part of the arrangement, Infosys plans to hire 2,000 people, including senior management, at the centre in the first year itself. The GCC will also handle functions beyond IT, including sales, human resources and finance. This transaction is significant because Infosys is undertaking complete ownership of the IT work and not just offering staffing for the tech office capabilities. "This is the single largest GCC setup the company is doing and the focus is on making this centre AI first using Infosys' Topaz offering wherever possible," said one of the people with knowledge of the matter, on condition of anonymity. Mint had first reported the development on 16 September last year, noting that Infosys was among the contenders for the GCC mandate. Emails sent to Infosys and Truist on Monday went unanswered until press time. The deal comes as GCCs increasingly shift from being captive support hubs to strategic operating centres, even as concerns grow in parts of the IT industry that such models could displace traditional outsourcing work. According to the other person cited above, most of the revenue from the bank is new business, despite Truist being an existing client....