Wipro Restructuring: 5 Subsidiaries To Merge Under Wipro; Details Here

In a meeting held on October 18th, the board of directors of tech giant Wipro approved the merger of five wholly-owned subsidiaries with and into the company. These subsidiaries are -- Wipro HR Services India, Wipro Overseas IT Services, Wipro Technology Product Services, Wipro Trademarks Holding, and Wipro VLSI Design Services India.

Here are the details of the subsidiaries:

1. Wipro HR Services India: It provides services in the areas of human resources management, compensation, employee benefits, software development, research and training facilities, and information technology-enabled products and services.

2. Wipro Overseas IT Services: This subsidiary is engaged in the business of computer software development, web content management solutions and to develop and implementing application software, web-based applications,
onsite consulting and offshore software development services.

3. Wipro Technology Product Services: Engaged to develop software products for commercial purposes and license them, this subsidiary provides training and consultancy with respect to the foregoing.

4. Wipro Trademarks Holding: This company provides services relating to the registration, acquisition and licensing of Trademarks, Brand names, Designs, Patents, Copyrights and any other intellectual property rights.

5. Wipro VLSI Design Services: The company is engaged in the business of manufacturing, developing all kinds of
software including web and mobile phone software.

Giving rationale to the merger plan, Wipro said the development will consolidate business operations; enable synergies of operations, reduction in overheads including administrative, managerial and other expenditures; ensure optimised legal entity structure; and significantly reduce multiplicity of legal and regulatory compliances.

Wipro also said, that since he Transferor Companies (subsidiaries) are wholly-owned subsidiaries of the Transferee Company, no shares of the Transferee Company shall be allotted under the scheme of amalgamation in lieu or exchange of the shares of the Transferor Company (Wipro).

The Azim Premji-backed Wipro is a leading technology services and consulting company focused on building innovative solutions that address clients' most complex digital transformation needs.

On BSE, Wipro's share price ended at Rs 407.40 apiece, down by 0.94%. The company's market cap is at Rs 2,12,739.05 crore.