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Voltas to buy Wipro’s water business: ToI

Voltas to buy Wipro’s water business: ToI
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First Published: Wed, Sep 21 2011. 10 23 AM IST
Updated: Wed, Sep 21 2011. 10 23 AM IST
Mumbai: Electro-mechanical projects firm Voltas Ltd is in advanced talks to buy the water purification and treatment business of India’s number three software services exporter, Wipro Ltd, The Times of India (ToI) said, citing unnamed sources close to the development.
The soaps-to-software maker has mandated investment bank Anand Rathi to find a suitor for the water treatment business, which it entered about four years ago, the report said.
Voltas, a Tata group firm, may be looking at this acquisition to expand its water treatment business, which undertakes works for local civic bodies and for Tata group firms, the report said.
Wipro’s strategy is to exit smaller businesses that are facing increased competition and are not easily scalable, it said.
A Wipro spokesperson declined to comment citing the company was in silent period ahead of its September-end quarter results. Voltas officials could not be immediately reached by Reuters.
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First Published: Wed, Sep 21 2011. 10 23 AM IST
More Topics: Voltas | Wipro | Anand Rathi | Tata | ToI |