Wipro completes separation of non-IT businesses1 min read . Updated: 01 Apr 2013, 11:32 PM IST
Wipro says it has separated its non-IT businesses into a new, unlisted entity effective 31 March
Bangalore: Wipro Ltd, India’s third-largest software services provider, said it separated its non-IT businesses into a new, unlisted entity effective 31 March, three months ahead of schedule.
In January, Wipro Consumer Care and Lighting Group president Vineet Agrawal said in an interview that the move would be completed before the end of June.
Wipro’s non-IT businesses comprise consumer, medical diagnostics and infrastructure. These businesses together contributed 15% to the old company’s sales and 6% to its profit.
Wipro announced the separation in November as it sought to increase its focus on the information technology (IT) business, which is grappling with slowing revenue and strong competition.
The company said in a statement on Monday that it set 11 April as the record date for determining who would get stock in the new company.
The de-merger has been approved by the Karnataka high court.