Bengaluru, Aug. 24 -- Tata Consultancy Services Ltd (TCS) is acquiring Porsche AG's Germany-based management and IT consulting subsidiary, MHP, for $373 million. In exchange, the Stuttgart-based sports car maker has awarded India's largest tech services firm a five-year IT modernization deal valued at $1.45 billion-marking TCS's second mega-deal in less than eight months.

As part of the IT deal, Mumbai-based TCS will implement an AI layer across Porsche's engineering, manufacturing, operations, and customer experience units, while also delivering automotive technology services and software development.

On average, the contract translates about $290 million in annual revenue for TCS. The major win comes as the company seeks to reignite g...