Wipro

From Wikipedia, the free encyclopedia
Jump to navigation Jump to search

Wipro Limited
FormerlyWestern India Palm Refined Oils Limited
TypePublic
ISININE075A01022
IndustryConglomerate
Founded29 December 1945; 76 years ago (29 December 1945)
FounderMuhammed Hashim Premji
HeadquartersSarjapur Road, ,
India
Area served
Worldwide
Key people
Products
Services
RevenueIncrease 81,373 crore (US$10 billion)[1] (2022)
Increase 15,667 crore (US$2.0 billion)[1] (2022)
Increase 12,237 crore (US$1.5 billion)[1] (2022)
Total assetsIncrease 107,505 crore (US$13 billion)[1] (2022)
Total equityIncrease 64,306 crore (US$8.1 billion)[1] (2022)
OwnerAzim Premji (73.85%)[2]
Number of employees
231,671 (2021)[3]
Subsidiaries
Websitewww.wipro.com

Wipro Limited (formerly, Western India Palm Refined Oils Limited) is an Indian multinational corporation that provides information technology, consulting and business process services. Thierry Delaporte is serving as CEO and managing director of Wipro from July 2020.[4]

Wipro's capabilities range across cloud computing, cyber security, digital transformation, artificial intelligence, robotics, data analytics, and other technology consulting services to customers in 167 countries.[5]

History of Wipro[edit]

Early years[edit]

The company was incorporated on 29 December 1945 in Amalner, India, by Mohamed Premji as Western India Vegetable Products Limited, later abbreviated to Wipro. It was initially set up as a manufacturer of vegetable and refined oils under the trade names of Kisan, Sunflower, and Camel.[6][7][8]

In 1966, after Mohamed Premji's death, his son Azim Premji took over Wipro as its chairman at the age of 21.[9][10]

Shift to IT Industry[edit]

During the 1970s and 1980s, the company shifted its focus to new opportunities in the IT and computing industry, which was at a nascent stage in India at the time. On 7 June 1977, the name of the company changed from Western India Vegetable Products Limited, to Wipro Products Limited.[7] In 1982, the name was changed again, from Wipro Products Limited to Wipro Limited.[11] In 1999, Wipro was listed on the New York Stock Exchange.[12] In 2004, Wipro became the second Indian IT company to earn $1 billion in annual revenue.[13]

In 2012, Wipro demerged its non-IT businesses into a separate company called Wipro Enterprises.[14][15][16] Prior to this demerger, these businesses, mainly in the consumer care, lighting, furniture, hydraulics, water treatment, and medical diagnostics, contributed about 10% of Wipro's total revenues.[17][18]

In August 2018, Wipro paid US$75m to National Grid US as a settlement for a botched SAP implementation that an 2014 audit estimated could cost the company US$1 billion. Wipro had been hired as systems integrator in 2010, but errors in the rollout, intended to replace an Oracle system, caused serious losses and reputational damage.[19]

In March 2020, Hedera announced that Wipro would be joining their Governing Council, providing decentralized governance to its hashgraph distributed ledger technology.[20]

Notable acquisitions[edit]

In 2006, Wipro acquired California-based technology company cMango in an all cash deal.[21]

In 2012, Wipro acquired Australian analytics company, Promax Applications Group for A$35 million in an all cash deal.[22]

In 2015, Wipro acquired Denmark-based design consultancy Designit for €85 million.[23]

In 2016, Wipro acquired cloud services consultancy Appirio for $500M.[24]

In April 2019, Wipro acquired Filipino personal care company Splash Corporation.[25]

In February 2020, Wipro acquired Rational Interaction, a Seattle-based digital customer experience consultancy.[26]

In March 2021, Wipro acquired Capco, a 22-year-old global technology and management consultancy specializing in driving digital transformation in the financial services industry.[27] The deal was completed in April.[28]

Wipro has signed an agreement to acquire Ampion for a cash consideration of $117 million, according to an exchange filing.[29]

In December 2021, Wipro signed a definitive agreement to acquire LeanSwift, a system integrator of Infor products for customers across the Americas and Europe. The acquisition is subject to customary closing conditions and is expected to close before the end of the quarter ending March 31, 2022, Wipro stated in a BSE filing.[30]

In April 2022, Wipro signed a definitive agreement to acquire the Stamford-headquartered Systems Applications and Products (SAP) consulting company, Rizing Intermediate Holdings.[31]

Sustainability[edit]

Wipro has committed to achieving Net Zero emissions by 2040, with an intermittent goal of reducing emissions 55% by 2030.[32] In October 2021, Wipro's Net Zero plans were certified by the Science-based Targets Initiative.[33]

Listing and shareholding[edit]

Listing: Wipro's initial public offering was in 1946. Wipro's equity shares are listed on Bombay Stock Exchange, where it is a constituent of the BSE SENSEX index,[34] and the National Stock Exchange of India where it is a constituent of the S&P CNX Nifty.[35] The American Depositary Shares of the company are listed at the NYSE since October 2000.[36]

Shareholding: The table provides the share holding pattern as of 31 March 2022.[37]

Shareholders (as on March 31, 2022) Shareholding
Promoter group led by Azim Premji 73%
Foreign Institutional Investors 9%
Domestic Institutional Investors 3%
Non-Institutions (Retail) 6%
Overseas Depositories 3%
Other Public Shareholding 6%
Employee trust 0.29%

Employees[edit]

On 6 July 2020, Thierry Delaporte took over from Abidali Neemuchwala as the new CEO of Wipro.[38] Abidali Neemuchwala was appointed as Wipro's CEO after T. K. Kurien stepped down in early 2016. Neemuchwala, who had been group president and CEO from April 2015, was appointed CEO with effect from 1 February 2016.[39][40] In 2022, Wipro fired 300 employees who were moonlighting for competitors.[41]

Awards and recognitions[edit]

  • It received the National award for excellence in Corporate Governance from the Institute of Company Secretaries of India during the year 2004.[42]
  • Wipro honored as 2010 Microsoft Country Partner of the Year Award for India.[43]
  • Wipro received the 'NASSCOM Corporate Award for Excellence in Diversity and Inclusion, 2012', in the category 'Most Effective Implementation of Practices & Technology for Persons with Disabilities'.[44]
  • Wipro was ranked second in the Newsweek 2012 Global 500 Green companies.[45]
  • In 2014, Wipro was ranked 52nd among India's most trusted brands according to the Brand Trust Report, a study conducted by Trust Research Advisory.[46]
  • Wipro won seven awards, including Best Managed IT Services and Best System Integrator in the CIO Choice Awards 2015, India[47]
  • Wipro won Gold Award for ‘Integrated Security Assurance Service (iSAS)’ under the ‘Vulnerability Assessment, Remediation and Management’ category of the 11th Annual 2015 Info Security PG's Global Excellence Awards.[48]
  • In May 2016, it was ranked 755th on the Forbes Global 2000 list.[49]
  • In March 2017, Wipro was recognized as one of the world's most ethical companies by US-based Ethisphere Institute for the sixth consecutive year.[50][51][52][53]
  • In 2018, Wipro received ATD's Best of the BEST Award.[54]
  • In 2021 Wipro awarded boomi worldwide spotlight award [55]

See also[edit]

References[edit]

  1. ^ a b c d e "Wipro Consolidated Profit & Loss account, Wipro Financial Statement & Accounts" (PDF). wipro.com. Archived (PDF) from the original on 15 April 2021. Retrieved 14 July 2020.
  2. ^ "Bloomberg Billionaires Index - Azim Premji". Bloomberg.com. Archived from the original on 29 May 2019. Retrieved 28 May 2019.
  3. ^ "Wipro Financial Statements 2020". Wipro Ltd. Archived from the original on 8 April 2016. Retrieved 20 April 2016.
  4. ^ "Wipro's Big Bet with New CEO Thierry Delaporte". Forbes.
  5. ^ https://www.fitchratings.com/research/corporate-finance/fitch-affirms-wipro-at-a-outlook-stable-28-03-2022[bare URL]
  6. ^ "Wipro: From a vegetable oil maker to an IT major". NDTV Profit. Archived from the original on 17 October 2013. Retrieved 15 November 2013.
  7. ^ a b "Company History of Wipro". Money Control. Archived from the original on 13 November 2013. Retrieved 15 November 2013.
  8. ^ "About Wipro". wipro.com. Archived from the original on 22 September 2017. Retrieved 22 September 2017.
  9. ^ "Billionaire Profile: Azim Premji". Mens XP. 23 June 2011. Archived from the original on 12 October 2013. Retrieved 14 November 2013.
  10. ^ "Wipro acquires 45 per cent of Wipro Net from KPN Telecom". The Financial Express. Archived from the original on 22 May 2013.
  11. ^ "Company profile for Wipro". Reuters. Archived from the original on 4 July 2013. Retrieved 16 July 2012.
  12. ^ "Wipro lists on NYSE with marginal premium". ciol.com. 19 October 2000.
  13. ^ "Wipro Joins Billion Dollar Club". 17 April 2004.
  14. ^ "Wipro hives off non-IT business into separate company". The Economic Times. 1 November 2012. Archived from the original on 5 November 2013. Retrieved 15 November 2013.
  15. ^ "Wipro's Scheme of Arrangement for Demerger Effective from March 31, 2013". Wipro. 2 April 2013. Archived from the original on 26 April 2014. Retrieved 15 November 2013.
  16. ^ "Wipro demerger scheme comes into effect". The Times of India. 2 April 2013. Archived from the original on 5 November 2013. Retrieved 15 November 2013.
  17. ^ "Wipro to demerge non-IT businesses". Business Standard. 1 November 2012. Archived from the original on 5 May 2014. Retrieved 17 November 2013.
  18. ^ "Azim Premji says son Rishad will never be CEO of Wipro". Indian Express. 23 January 2013. Archived from the original on 5 January 2014. Retrieved 16 November 2013.
  19. ^ "Wipro hands $75m to National Grid US after botched SAP upgrade".
  20. ^ "Wipro joins Hedera Hashgraph governing council - Times of India". The Times of India.
  21. ^ "Wipro acquires US-based cMango for $20mn". Business Standard India. 20 February 2006.
  22. ^ "Wipro to acquire Australia's Promax Applications Group for Rs 192 crore". The Economic Times.
  23. ^ "Wipro to acquire Designit for €85 million". 9 July 2015.
  24. ^ "Why IT Services Giant Wipro is Snapping up Appirio for $500 Million".
  25. ^ Rivas, Ralf (29 April 2019). "Indian company Wipro acquires beauty products maker Splash". rappler.com. Retrieved 9 August 2022.
  26. ^ "Wipro Digital acquires CX consulting firm Rational Interaction". www.consulting.us. 24 February 2020. Archived from the original on 25 February 2020. Retrieved 25 February 2020.
  27. ^ "India's Wipro to buy Capco for $1.45 billion – TechCrunch". TechCrunch. Archived from the original on 4 March 2021. Retrieved 4 March 2021.
  28. ^ "Wipro ups IT services revenue guidance to 8-10 per cent in June quarter". The Indian Express. Archived from the original on 4 May 2021. Retrieved 4 May 2021.
  29. ^ "Wipro Agrees To Buy Australian Cybersecurity Provider; Stock Gains". 1 April 2021. Archived from the original on 17 April 2021. Retrieved 18 August 2021.
  30. ^ "Wipro acquires US-based LeanSwift; to expand its cloud transformation biz". Business Today. 16 December 2021. Archived from the original on 16 December 2021. Retrieved 16 December 2021.
  31. ^ "Wipro to acquire Rizing | Comms Business". www.commsbusiness.co.uk. Retrieved 26 April 2022.
  32. ^ "Wipro aims to reach net-zero greenhouse gas emissions by 2040". Business Standard India. Press Trust of India. 22 April 2021.
  33. ^ Nasralla, Shadia (28 October 2021). "First reality check launched for corporate climate claims". Reuters.
  34. ^ "Scripwise Weightages in S&P BSE SENSEX". BSE India. Archived from the original on 1 December 2015. Retrieved 16 November 2013.
  35. ^ "Download List of CNX Nifty stocks (.csv)". NSE India. Archived from the original on 13 October 2013. Retrieved 16 November 2013.
  36. ^ "Form 20F". SEC.gov. 12 June 2013. Archived from the original on 24 September 2015. Retrieved 17 November 2013.
  37. ^ "Shareholding Pattern - Wipro".
  38. ^ "Wipro New CEO: Capgemini's Thierry Delaporte to be Wipro's new CEO and MD - The Economic Times". Economic Times. 29 May 2020. Archived from the original on 29 May 2020. Retrieved 29 May 2020.
  39. ^ Jan 2 Shilpa Phadnis / TNN /. "Wipro news: Wipro restructuring leads to many exits at the top | India Business News - Times of India". The Times of India. Archived from the original on 29 January 2021. Retrieved 15 February 2021.
  40. ^ "Wipro names Abid Ali Neemuchwala as CEO". The Hindu. 4 January 2016. ISSN 0971-751X. Archived from the original on 7 November 2016. Retrieved 22 May 2016.
  41. ^ Service, Tribune News. "Wipro toughens stand on moonlighting, fires 300 employees for taking up secondary job after work". Tribuneindia News Service. Retrieved 22 September 2022.
  42. ^ "Corporate governance award for Wipro". The Hindu. 21 December 2004. Archived from the original on 26 March 2013. Retrieved 16 November 2013.
  43. ^ "Wipro bags microsoft country partner award for India". The Economic Times. Archived from the original on 27 September 2019. Retrieved 27 September 2019.
  44. ^ "6 ways to ensure inclusivity and diversity at workplaces". Data Quest. 28 January 2013. Archived from the original on 11 March 2014. Retrieved 16 November 2013.
  45. ^ "13 Indian firms in Newsweek's global green; Wipro no.2". Hindustan Times. 27 October 2012. Archived from the original on 15 April 2014. Retrieved 16 November 2013.
  46. ^ "India's Most Trusted Brands 2014". Archived from the original on 2 May 2015.
  47. ^ "Wipro won 7 awards, including Best Managed IT Services and Best System Integrator in the CIO Choice Awards 2015, India'". Business Standard India. 19 February 2015. Archived from the original on 29 September 2015.
  48. ^ "Wipro won Gold Award for 'Integrated Security Assurance Service (iSAS)'". Archived from the original on 30 March 2018.
  49. ^ "Wipro on Forbes Global 2000". Forbes. May 2013. Archived from the original on 23 November 2013. Retrieved 16 November 2013.
  50. ^ "Wipro Voted World's Most Ethical Firm". 10 March 2015. Archived from the original on 15 March 2015.
  51. ^ "Tata Steel, Wipro among world's most ethical". Hindustan Times. 18 March 2012. Archived from the original on 5 May 2014. Retrieved 16 November 2013.
  52. ^ "Wipro World's Most Ethical company : Ethisphere Institute". indiainfoline.com. 7 March 2013. Archived from the original on 5 May 2014. Retrieved 16 November 2013.
  53. ^ "Ethisphere Announces 2017 World's Most Ethical Companies". 13 March 2017. Archived from the original on 18 March 2017.
  54. ^ "ATD's 2018 BEST Award Winners Revealed". ATD. Archived from the original on 30 December 2018. Retrieved 17 September 2019.
  55. ^ "Wipro Awarded Boomi Worldwide Spotlight Award 2021 IT Voice | Online IT Media | IT Magazine". IT Voice | Online IT Media | IT Magazine. 5 February 2022. Retrieved 28 September 2022.

External links[edit]