Bangalore: IT firm Tech Mahindra said it won a contract from Sweden's Volvo Car Corporation for application maintenance and development.

No financial details were disclosed. According to sources, the three-year deal is worth over $40 million.

The company will develop, implement and maintain a range of applications for Volvo Cars to help increase efficiency and reduce costs, Tech Mahindra said in a statement.

Services will be provided across multiple domains, including manufacturing, product development, marketing and sales and reporting, starting this month, it added.

"We see this contract as an opportunity to increase our contribution to Volvo Cars and further develop our business in the region. Our plans include proactive investment and recruitment from both local universities and the local business domain pool," Tech Mahindra Head-Europe Vikram Nair said.

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