Jan 26, 2007

Wipro eyes half-a-dozen foreign buys

Information technology major Wipro is looking to acquire about half-a-dozen companies across the globe in the near term. The value of these companies ranges between $25 million and $100 million.
Wipro chairman Azim Premji confirmed that the company is in different stages of discussions with various firms and “some of the acquisitions are in the pipeline”. He, however, declined to give any specific number.

“There are few acquisitions in the pipeline. These companies are in the range of $25 million and $100 million,” he told ET.

Wipro is not acquiring companies to with the aim of boosting its aggregate sales, Mr Premji said. “We are acquiring companies for strategic reasons. These companies are specialists in their own domains,” he added.

Mr Premji said the company’s outlook is quite robust and it is expecting major growth from the European markets. “We are investing lot in Europe, particularly in the UK. We intend to hire over 500 people in the UK alone,” he said. UK is an “open economy and Wipro is getting about 25% of its revenue from the region.” Wipro already has a workforce of 2,000 in the UK.

Mr Premji said Wipro is also expanding in the Gulf region. “Recently, we have signed a joint venture with a company in Saudi Arabia. We already had six years of business partnership with the company. It is a fairly large company, and has been respected in the region. It will help us in getting local talent as well as business,” he said.

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