NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News  » Business » No plans to list Wipro Enterprises: Premji

No plans to list Wipro Enterprises: Premji

April 19, 2013 18:24 IST

Wipro Ltd Chairman Azim Premji on Friday said there are "absolutely no plans" to list Wipro Enterprises, the demerged non-IT businesses firm of the group, on stock exchanges.

The country's third largest software services exporter said the demerger of the 'diversified business' of Wipro, including the consumer care and lighting segment, approved by the Board on 1st November last year, became effective from March 31, 2013.

"We have completed the demerger of the 'Diversified Business' effective March 31, 2013 to make Wipro Limited a pure play IT company. We are confident that being a technology-focused company will provide a fresh momentum for growth," he said.

When asked as to when can one expect the listing of Wipro Enterprises, Premji said: "We have zero plans to list that company. If we wanted to list it, we could have done it at the time of the demerger. So, please for God's sake, don't build those expectations. We have no plans to list that company; absolutely no plans".

He also said the Board composition of Wipro Enterprises would be purely internal, with no outsider as Director.

Vineet Agrawal would continue to head the consumer care business and Pratik Kumar would take care of the infrastructure engineering business, Premji said, adding that he would be the non-executive Chairman of Wipro Enterprises.

© Copyright 2018 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.