8:56 pm - Monday December 17, 2018

Premji: Wipro is focussed on profitable growth, enhancing shareholder value

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Days after landing one of its largest contracts and closing an acquisition deal, Wipro chairman Azim Premji told shareholders that the company would remain focussed on making organic and inorganic growth strategies.

Mr. Premji was addressing shareholders at the company’s 68th annual general meeting here. Wipro’s $195 million acquisition last week was in line with its general strategy over the past few years where it has acquired stakes in companies with an eye on expanding its base in varied sectors and geographies.

He told shareholders that the company had signed their “largest deal last week” and that it was focussed on profitable growth and enhancing shareholder value. “We will make investments in both organic and inorganic growth areas,” he said, and added that Wipro was actively making investments in recruiting and training staff. In the financial year, the company’s market cap has grown by 25 per cent.

The 68-year-old chairman said that Wipro’s succession plan for leadership is in place. The Wipro Board, he said, had discussions on succession twice a year.

Shareholders told The Hindu that Mr. Premji also mentioned the fact that approvals from the Karnataka government to start the new SEZ were long overdue. On July 1, Mr. Premji had called on Chief Minister Siddaramaiah to seek expedition of clearances to set up the second SEZ in Kodatihalli here. The project is expected to provide 25,000 jobs in the first phase.

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