Wipro plans ADR for e-commerce business

BANGALORE: Wipro is planning to acquire companies both in India and abroad and is planning to float an ADR to fund these activities, as part of its expansion plans for its e-commerce business.

The ADR would be floated within the next 12 months and Wipro is planning to get listed on the Nasdaq, a senior company official said. "We have decided to acquire companies and related businesses both in India and abroad to expand our e-commerce business," Wipro Technologies president and CEO Vivek Paul said. "The expansion plans for e-commerce have been divided into four phases, which we hope to complete within the next 12 months," Mr. Paul said.

Wipro has chalked a business strategy for the proposed acquisitions to expand the e-commerce business, in the first phase of its expansion. "The funding plans and means will be decided in the next step, wherein an ADR will be floated," Mr. Paul said.

Wipro Technologies is one of the bidders for setting up online trading for both the otcei as well as the Bombay Stock Exchange (BSE), as part of its plans for expanding its e-commerce business in India, Mr Paul said. "Our major thrust areas for exploiting the e-commerce opportunity in India are finance and retailing businesses besides telecom and manufacturing areas in India," he said. Wipro Technologies has bagged new e-commerce orders worth $ 35 million from its end customers and infrastructure providers, he said, adding that these would be actually executed by March 2001.