ReutersIndian IT major Wipro on Thursday announced the merger of its step-down subsidiary Designit North America, Inc., with Wipro Designit Services, Inc. The merger is completed and effective from July 1, Wipro said in a regulatory filing.
The Bengaluru-headquartered firm also deregistered another step-down subsidiary Attune Australia Pty Ltd with effect from June 26, 2024.
While Wipro Designit Services' turnover is $48 million, Designit North America's turnover stood at $1.6 million as of March 31, 2024.
The Australian subsidiary’s revenue from operations was AUD 269,554 (Australian dollars) as on March end. “The completion of the aforesaid liquidation reflected in the Commercial registry records on June 27, 2024,” it added.
Last year, the Azim Premji-promoted IT company had announced the merger of five of its wholly-owned subsidiaries with and into parent entity Wipro Ltd citing consolidation of business operations, enabling synergies of operations, facilitating a reduction in overheads including administrative, managerial, and other expenditures.
Wipro chairman Rishad Premji, in its annual report for 2023-24 released last week said, “FY24 has undoubtedly been one of the most challenging years in our company’s history. The global economic climate has been quite volatile, affecting the technology spends of our clients.
Over the last one year, Wipro has seen major changes within the company including weak revenues and business growth as compared to its rivals and appointment of new CEO and MD Srini Pallia in April.
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The reasons for merging the two North American subsidiaries, Wipro said, is "to rationalise and consolidate the group structure of the company."
While Wipro Designit Services' turnover is $48 million, Designit North America's turnover stood at $1.6 million as of March 31, 2024.
The Australian subsidiary’s revenue from operations was AUD 269,554 (Australian dollars) as on March end. “The completion of the aforesaid liquidation reflected in the Commercial registry records on June 27, 2024,” it added.
Last year, the Azim Premji-promoted IT company had announced the merger of five of its wholly-owned subsidiaries with and into parent entity Wipro Ltd citing consolidation of business operations, enabling synergies of operations, facilitating a reduction in overheads including administrative, managerial, and other expenditures.
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Wipro chairman Rishad Premji, in its annual report for 2023-24 released last week said, “FY24 has undoubtedly been one of the most challenging years in our company’s history. The global economic climate has been quite volatile, affecting the technology spends of our clients.
Over the last one year, Wipro has seen major changes within the company including weak revenues and business growth as compared to its rivals and appointment of new CEO and MD Srini Pallia in April.
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