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Wipro has settled a lawsuit from the UK-based electricity and gas utility major National Grid for $75 million.
In a statement to the stock exchanges, India’s third largest software exporter said that the settlement comes without admission of liability or wrongdoing of any kind by the parties, a common practice followed by companies in the US. Further, the settlement is expected to reflect in Wipro’s performance in the quarter ending September 30, 2018.
National Grid—a client of Wipro for a decade—filed a lawsuit in 2017 seeking damages of over $140 million for a project that dates back to 2010. The lawsuit, filed in the United States District Court for the Eastern District of New York, was related to Wipro’s enterprise resource planning (ERP) implementation for the utility major. The roll-out of the new system was hampered by many technical issues, resulting in substantial damages and millions of dollars of additional costs to stabilize the system, according to reports.
Wipro’s shares were trading at ₹276, marginally down from Friday’s close.
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