Wipro says reducing dependence on GE

By : |December 29, 2000 0

MUMBAI: Indian information technology firm Wipro Ltd. said on Friday it was
reducing its dependence on its largest customer, GE, as part of a process of
lowering risks.

"While two years ago, GE accounted for about 19 per cent of our global
software sales, it is expected to be about five per cent on a run rate basis by
the time we finish this financial year," a Wipro statement quoted Vivek
Paul, vice-chairman and chief executive as saying.

"Consequently, and coupled with the low billing rates, relative to our
average billing rates, GE on a run rate basis is expected to account for three
per cent of net profits for the last quarter," it said.

                                 

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This move will allow the company flexibility to negotiate contract renewals
to realize right value for services rendered, the statement said.

Wipro shares ended Friday Rs 114.35 up at Rs 2,406.40 on the Bombay stock
exchange while the benchmark exchange index ended one per cent up at 3,972.12
points.

(C) Reuters Limited 2000.

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