Wipro is not up for sale, says Azim Premji

Wipro’s billionaire chairman Azim Premji has rubbished media reports that suggested that the promoters are evaluating the sale of the IT major. In a letter to the employees, Premji wrote, “I remain as committed to Wipro as I have ever been. The news article about promoters of Wipro evaluating sale of their holding in the company is baseless and malicious. There is no truth to these unsubstantiated rumors.”

On June 5, a news article had reported citing sources that the company is considering a partial or full sale of the company, either to a multinational or a private equity player.

Premji’s letter comes as a reassurance to the employees at a time when the IT industry is laying off hundreds of employees due to technological disruptions like artificial intelligence (AI) and changes in the H1-B visa norms under US president Donald J. Trump. In FY’17, Wipro’s AI platform HOLMES, generated productivity worth over 12,000 people across 140 customer engagements by deploying over 1,800 instances of HOLMES bots in IT services across application, business process operations and infrastructure services

Talking about the potential of the company, Premji said, “Over the past 50 years, I have seen Wipro grow from a small regional player in vegetable oils to a global leader in technology. I continue to be incredibly excited about the potential of the IT industry and Wipro. I see enormous energy within the company to power the success of our clients and therefore the success of Wipro.”

For the fourth quarter ended March 31, 2017, Wipro met its own guidance as it posted a 2.7 per cent sequential growth in dollar revenue to $1.95 billion. It however projected flat revenue growth for the next quarter (April-June) in the range of $1.91-1.95 billion.

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The writer is the editor of The Startup Observer. With a decade of experience as a business and technology journalist, the editor's word counts.