Wipro to invest $17m. expansion plan

NEW DELHI: Wipro Ltd. said on Thursday that it would invest $17 million in India as part of its expansion plans and hire 3,000 software professionals in two years. Wipro plans to set up software development facilities in Bombay and Pune.

"We see tremendous growth opportunities because of the availability of talent in India, even as the global shortage continues for technical skills in the core areas," Sudip Banerjee, chief executive, operations and staffing of Wipro Technologies, said in a statement. Wipro Technologies is Wipro's software development arm.

Headquartered in Bangalore, Wipro employees 12,000 people across 15 sites in the country. The firm reported revenues of $530 million during the fiscal year to March 2000. Wipro shares closed 3.04 per cent lower at Rs 2,638.15, ahead of the announcement. The benchmark Bombay index was down 2.32 per cent. Last week, it filed papers to issue 2.75 million American Depositary Shares which will be listed on the New York Stock Exchange.

(C) Reuters Limited 2000.