Wipro looking for specific requirements for offshore acquisitions

Bangalore, Jan 18(UNI) Expressing displeasure over media reports about India's third biggest software exporter Wipro's acquisitions on foreign soil, company Chairman Azim Premji said long-term outlook and returns were the vital parameters for any new acquisitions.

Answering questions after announcing the results of the IT giant for the third quarter ending December 31, he said media 'speculations' had troubled the company as it had to answer to the stock exchange quite often.

''Media reporters on us acquiring European IT major Cap Gemini were misplaced and too repetitive. This had made us to reply to the stock exchange often which we usually don't do. We are looking at specific requirements which we do acquisitions,'' he said.

The roadmap for Wipro in this respect was that there were certain areas which would supplement its revenue stream and it was more focussed on long term outlook and returns, he said.

Mr Premji said Wipro was in the process of opening four overseas development centres including two in the US. ''We will soon be opening our facilities in Atlanta in Georgia State and in Michigan near Detroit. We are looking for low cost areas wherever we go. The other two centres would come up at Chendu in China and Sebu in Philippines,'' he added.

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