Wipro to agressively continue acquisitions
On the prowl for more buy-outs, software major Wipro would pursue the strategy of acquisitions more aggressively in future along with other initiatives.
By PTI |
BANGALORE: On the prowl for more buy-outs, software major Wipro would pursue the strategy of acquisitions more aggressively in future along with other initiatives.
"Our experience with the acquisitions so far has been quite satisfactory. This has given us the confidence to pursue this strategy more aggressively in future," its chairman Azim Premji said in a letter to stakeholders of the New York Stock Exchange listed firm published in its 2005-06 annual report.
Bangalore-based Wipro has bought six firms in recent months.
Similarly, he said, the company would pursue strategic initiatives identified in its "Strategic Plan" to deliver strong growth in future in all its businesses.
"Clearly, Wipro's businesses are all in the sweet spot of strong growth. We have the game-plan to leverage the opportunities and realise out growth potential," he said, as Wipro became 60-year-old from being a vegetable oil maker to a leading global technology service provider.
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Speaking of the "enviable track record" of Wipro, Premji said over a six-decade period, its revenues has grown by a compounded annual growth rate of 21 per cent, net income by 31 per cent and market capitalisation by 25 per cent.During 2005-2006, Wipro's revenues crossed the Rs 100 billion threshold, combined IT businesses revenues surpassed USD 2 billion and net profit crossed Rs 20 billion.
"Spirit of Wipro means manifesting intensity to win, acting with sensitivity and being unyielding on integrity," he said.
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