According to a report by AFP, India's two largest software companies have each been awarded their largest outsourcing contracts. Both contract totals to $400 million.

Tata Consultancy Services has won a five-year $260 million contract for outsourcing work in a leading European bank. Under the deal, they will manage the company's strategic banking performance. Tata Consultancy said this is the largest deal won by an Indian IT services company.

Rival Infosys Technologies has also received a five-year $175 million contract with the same bank. They will manage a wide array of applications in offices in North America, Europe and the Asia Pacific.

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