Wipro Spins-Off Businesses
The Board of Directors of Wipro (NYSE: WIT) in their meeting held today,
approved the demerger of the Wipro Consumer Care & Lighting (including
Furniture business), Wipro Infrastructure Engineering (Hydraulics &
Water businesses), and Medical Diagnostic Product & Services business
(through its strategic joint venture), into a separate company to be
named Wipro Enterprises Limited. Wipro Limited will remain a publicly
listed company that will focus exclusively on information technology.
Wipro Enterprises Limited will be an unlisted company.
In fiscal year 2011-12, the IT business contributed to 86% of revenue
and 94% of operating profit of Wipro Limited. The demerger is
anticipated to provide fresh impetus for both Wipro Limited and Wipro
Enterprises Limited to pursue