Wipro Ltd Chairman Azim Premji on Friday said there are “absolutely no plans” to list Wipro Enterprises, the demerged non-IT businesses firm of the group, on stock exchanges.
Mr Premji said the demerger of the 'diversified business' of Wipro, including the consumer care and lighting segment, approved by the Board on 1st November last year, became effective from March 31, 2013.
“We have completed the demerger of the ‘Diversified Business’ effective March 31, 2013 to make Wipro Limited a pure play IT company. We are confident that being a technology-focused company will provide a fresh momentum for growth,” he said.
When asked as to when one can expect the listing of Wipro Enterprises, Mr Premji said: “We have zero plans to list that company. If we wanted to list it, we could have done it at the time of the demerger. So, please for God’s sake, don’t build those expectations”.
He also said the Board composition of Wipro Enterprises would be purely internal, with no outsider as Director.
Vineet Agrawal would continue to head the consumer care business and Pratik Kumar would take care of the infrastructure engineering business, Mr Premji said, adding that he would be the non-executive Chairman of Wipro Enterprises.