Business Daily from THE HINDU group of publications
Tuesday, Jun 27, 2006
Business Daily from THE HINDU group of publications Tuesday, Jun 27, 2006 |
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Info-Tech
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Mergers & Acquisitions Turning 60; hungry for more acquisitions Our Bureau
Bangalore, June 26 Wipro Ltd, which bought half-a-dozen firms in recent months, plans to get aggressive with its acquisition strategy to supplement organic growth even as it turns 60 this year. The Wipro chairman, Mr Azim Premji, in a letter to shareholders, said, "The company's experience with acquisitions have been quite satisfactory and this has given us confidence to pursue this strategy more aggressively in future." "From a humble beginning as a company manufacturing vegetable oil to becoming one of the world's leading technology providers, the journey has been an exciting and deeply invigorating one," Mr Premji said. Wipro's revenues and net income have grown by a CAGR of 21 per cent and 31 per cent, respectively, over the past six-decades. Talking about the `Spirit of Wipro', Mr Premji said the company's innovation initiatives had begun to pay off and accounted for five per cent of revenues at $53 million. "Our plan is to take this to 10 per cent in three years and many of our strategic customer wins were made possible because of our breadth of services and innovation initiatives," he said.
Related Stories: More Stories on : Mergers & Acquisitions | Software | Wipro Ltd
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