Bangalore, India - December 18, 2009:
Wipro Technologies, the global IT services business of Wipro Limited [NYSE:WIT], today hosted the visit of Lord Mandelson , UK’s First Secretary of State and Secretary of State for Business at the corporate head office in Bangalore, India. This was Lord Mandelson’s first stop on his visit to India to promote trade links between the two countries. He was accompanied by the British Deputy High Commissioner for Karnataka, Mr Richard Hyde, and a party of officials from UK Trade & Investment (UKTI).
During the visit Lord Mandelson & Mr. Azim Premji, Chairman, Wipro Ltd., signed a Memorandum of Understanding (MoU) to enable innovation in low carbon technologies including those in IT & IT services.
The MoU outlines the manner in which UKTI and Wipro will collaborate, within the framework of UKTI’s Global Value Chain programme, to identify areas of joint interest and in various ways to promote closer cooperation between business and academic experts in India and the UK.
The parties also discussed, the UK as a global hub for low-carbon solutions and an investment destination for technology companies like Wipro wishing to grow their footprint overseas.
The MoU envisages various ways in which the collaboration will be taken forward including joint seminars, networking opportunities and innovative uses of digital media and technology, engaging both business and academic stakeholders.
After the signing, Lord Mandelson’s party visited Wipro’s Product Engineering Lab to see a demonstration of innovative Green Technology.
Lord Mandelson observed, “I see this kind of collaboration as leading the way in enhancing trade relations between the UK and India in this critical area where we have much to learn from each other.”
Mr. Premji said, “We are delighted to have signed this MoU with Lord Mandelson marking Wipro’s and UKTI’s joint commitment in this endeavour and look forward to a successful collaboration yielding real benefits to both countries”
Wipro has been present in the UK since 1995 and operates from several offices around the country with substantial existing customer base in the Energy & Utilities, Retail & Financial Services space, and is now investing in developing its public sector business.
Wipro Technologies, a division of Wipro Limited (NYSE:WIT) is the first PCMM Level 5 and SEI CMM Level 5 certified global IT services organization. Wipro Technologies was recently assessed at Level 5 for CMMI V 1.2 across offshore and onsite development centers. Wipro is one of the largest product engineering and support service providers worldwide. Wipro provides comprehensive research and development services, IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application management, and datacenter managed services to corporations globally.
In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India, offering system integration, network integration, software solutions and IT services.
Wipro also has a profitable presence in niche market segments of consumer products and lighting. In the Asia-Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro's ADS' are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai, and the National Stock Exchange.
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Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects and our ability to successfully complete and integrate potential acquisitions are forward looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding our ability to integrate and manage acquired IT professionals, our ability to integrate acquired assets in a cost effective and timely manner, fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, , liability for damages on our service contracts, the success of the companies in which Wipro has made strategic investments, withdrawal of fiscal governmental incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. Wipro may, from time to time, make additional written and oral forward looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. Wipro does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.
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