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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (10140)	12/20/1999 1:30:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Wipro bags orders worth $35mn wipro.com (20-12-1999 23:14:09-Probity) Wipro Technologies, a unit of Indian information technology firm Wipro Ltd, has bagged orders worth $35mn from companies across the world. "The company has bagged prestigious new business orders worth $35 million... The orders are from traditional brick-and-mortar businesses such as Home Depot, Farmers Insurance, Franklin Templeton, Otis Elevator and Nike in the United States," a company statement said today. The other companies Wipro has received orders from are Daiwa Institute of Research in Japan, Thomas Cook in the UK, VideosDotCom and AnotherUniverse.com, both of the United States, Fujitsu Communications, Pellabs of England, and Mitsubishi and Sony in Japan. Wipro Infotech General Manager Soumitro Ghosh told reporters the orders would be executed over the next year. The company plans to acquire companies next year and could go in for an American depositary receipt (ADR) issue to fund such acquisitions, its vice-chairman (Vivek Paul) said. Spelling out four key elements in the firm`s business strategy, Vivek Paul told a news conference: "First and foremost, you ask yourself what is your strategy, which is your market? And, then examine how do I expand in the market? Then you look at how to make the acquisitions...and finally how to fund the acquisitions. We are at the first step." An ADR issue is one of the options to fund acquisitions, he said. Asked how long he thought Wipro would take to complete the four parts of its business expansion strategy, Paul said: "I would think that my goal would be the next 12 months." Paul, who is also head of Wipro`s software services business, Wipro Technologies, declined to confirm an ADR was on the cards in the coming year. "The ADR is only one step in the whole strategy. An ADR is not a target; the target is what we want to do and the ADR issue is a derivative of that strategy." In August Wipro Chairman Azim Premji told Reuters his company planned to make an ADR issue, but had not yet decided on its timing. Paul did not specify the size of the acquisitions Wipro was looking at. In November, he had said Wipro would look to acquire companies making either e-commerce, telecom or systems software.