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Strategies & Market Trends : India Coffee House

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To: Mohan Marette who wrote (10303)	12/25/1999 12:01:00 PM
From: Mohan Marette	Read Replies (2) of 12475

Wipro to tap U.S. market to fund e-business, considering ADR issue AFX - Asia December 20, 1999 Monday Wipro Ltd said it would tap the U.S. market next year for funds to expand and strengthen its electronic commerce business. "We will go for an American Depository Receipts issue within 12 months. We are looking at how to expand our e-business with acquisitions and integration," Wipro vice-chairman Vivek Paul told reporters. The company did not indicate the size of the funding injection it would seek in the U.S. markets. Paul said group subsidiary Wipro Infotech Software and Services has obtained orders worth 35 mln usd in e-commerce business, mostly from U.S. firms. Soumitro Ghosh, general manager for marketing, said 70 pct of the company's global revenues came from the U.S. with Europe accounting for 20 pct and Asia the remainder. "We see our share of revenues in the European companies going up in the near future. They have traditionally not outsourced much and they have a low base of skilled manpower in the software sector," Ghosh said.

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