Wipro to grow through M&A

Wipro is looking to make acquisitions to boost its business, according to a report on Bloomberg.

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By  Published  January 18, 2007

Wipro is looking to make acquisitions to boost its business, according to a report on Bloomberg.

Chief financial officer Suresh Senapaty said in an interview that the services firm, which has spent US$250million on eight acquisitions in the past year, is now looking to capture firms worth as much as US$100million each, as it looks to build on strong financial results.

In the past year, Wipro has bought the Middle Eastern and South Asian businesses of 3D Networks and Planet PSG for US$23million; Sweden's Hydrauto Group AB for US$31million; wireless design service company Saraware Oy for US$32million; as well as the US$52.3million purchase of Enabler.

For the three months ending December 31, the Indian company saw net income rise 40% to US$169million.

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