Wipro, last December had announced that it will demerge its non-IT businesses such as consumer care and lighting into a new company and focus exclusively on IT
Information technology (IT) firm Wipro on Thursday said the Karnataka High Court has cleared its demerger scheme through which the firm plans to hive off non-IT business.
In a filing to the exchanges, Wipro said the “High Court of Karnataka has approved the scheme of arrangement for demerger of ‘Diversified Business’ of Wipro as provided in the Scheme”.
Last year in December, Wipro had said its shareholders have approved the scheme of arrangement between Wipro (demerged company), Azim Premji Custodial Services Pvt Ltd (resulting company) and Wipro Trademarks Holding (trademark company).
Wipro, India’s third largest software company, had announced that it will demerge its non-IT businesses such as consumer care and lighting into a new company and focus exclusively on IT.
Wipro will continue to remain a publicly listed company focusing exclusively on IT. It is part of the $100 billion Indian IT industry and competes with Tata Consultancy Services and Infosys besides global players such as IBM and Accenture.
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