Wipro is planning big acquisitions

MUMBAI, INDIA: India IT services major Wipro is planning acquisitions across geographies as the global economic downturn has made valuations more affordable.  Wipro's chief financial officer Suresh Senapaty said that the company is actively looking for acquisitions across geographies.

"We have our currency stock. We can look at an ADR or a domestic market again. I’m not ruling out a follow on for the purpose of big acquisition, if need be,” Senapaty told reporters on the sidelines of a conference here on Tuesday. However, the size of the company should be over $30-million in revenue per year, he said. “If it is any smaller it would have to be something very exceptional.”

He also said that Wipro's main focus would remain on emerging economies. It could be the Asia-Pacific, Middle East or Australia.

However, in the current environment one had to be choosy and cautious, and the filter for acquisitions has to be much tighter, Senapathy said, according to a media report. Wipro is expected to bag a few good deals in the second quarter.

Wipro had recently posted a 12 per cent rise in its quarterly profit, beating forecasts, helped by deal wins in its new markets and cost cutting measures.