No Donald Trump in Wipro’s list of risk factors for its US business
Last year, Wipro had explicitly named US President Donald Trump’s policies as one the risk factors for its business
New Delhi: Wipro Ltd, India’s third largest IT company, has not explicitly mentioned US President Donald Trump’s policies as one of the risk factors for its business, according to its recent filing with US Securities and Exchange Commission (SEC). Last year, the Bengaluru-based IT company had explicitly named Trump’s policies as one the risk factors for its business. Wipro derives over half of the its IT services revenue from the Americas (including the US).
In a 28 June filing with the US SEC, Wipro said: “Political and economic factors, such as pending elections, changes in governments and revisions to government policies can affect our business. We are a global organization and are therefore vulnerable to multiple factors that are difficult to predict beyond our influence and control, including shifts and uncertainties in global trade and economic policies”.
“Changes in policies by governments in the countries where we operate in could affect our operating results due to changes in duties, tariffs or taxes, or limitations on currency or fund transfers, as well as government-imposed restrictions on producing certain products in, or shipping them to, specific countries,” Wipro added in the filing.
Last year, in a June filing with the US SEC, Wipro had said: “On November 8, 2016, Mr. Donald J. Trump was elected the next president of the United States. As a candidate, President Trump and his administration expressed support for policies impacting existing trade agreements, like North America Free trade agreement (“NAFTA”), and proposed trade agreements, and promoting greater restrictions on free trade generally and significant increases on tariffs on goods imported into the United States.”
“Changes in US social, political, regulatory and economic conditions or in laws and policies governing foreign trade, manufacturing, development and investment in the territories and countries where we currently operate could adversely affect our business,” Wipro said in its filing last year.
Since becoming US President, Donald Trump has called for stricter immigration norms and a review of the H-1B visa programme. The Trump administration has also signalled its intent to rescind H-4 visa rule, which allows spouses of H-1B visa holders to work in the US.
Meanwhile, Wipro had earlier this week said that it has completed the divestment of its data centre business in Germany and the UK along with Wipro Data Centre and Cloud Services Inc. for a consideration of $399 million.
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