Wipro To Restructure Fluid Power And Netkracker Business Units

3/12/2002 - Wipro Limited (NYSE:WIT), in resolution approved by its Board of Directors on March 11, 2002, approved the spin-off of the Wipro Fluid Power business unit into a subsidiary company effective March 1, 2002, subject to shareholder approval. The company also announced that it had reached an agreement to purchase the equity interest in Netkracker Limited held by venture capital funds of ICICI Group for a total consideration of Rs 30 million and a contingency consideration, which is not expected to be material. Consequent to the purchase of equity interest, Netkracker becomes a subsidiary of Wipro Limited. The Fluid Power business unit and Netkracker will be combined and renamed as Wipro Fluid Power Limited. Mr. Azim Premji will be the company's Chairman and Mr. M. Seethapathy Rao, the current President of the Wipro Fluid Power business unit, will be appointed its Managing Director.

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