Wipro has settled a lawsuit filed by the National Grid U.S. for $75 million, a move which would have an impact on its second-quarter earnings ending September 30, according to a BSE filing on Saturday.
The Bengaluru-based IT firm has “effected a settlement for the release of all claims under the lawsuit with National Grid U.S. and a stipulation of discontinuance of the lawsuit has been filed in the U.S. District of New York,” according to the filing.
“The formalities for withdrawal of the lawsuit are expected to be completed shortly.
“The settlement has been effected for an amount of $75 million and is without admission of liability or wrongdoing of any kind by the parties,” the firm said.
ERP project
The lawsuit was filed by National Grid U.S. in 2017 seeking damages amounting to $140 million plus additional costs related to an ERP implementation project.
National Grid had been a valued customer of Wipro for over a decade and both the organisations have had a mutually beneficial relationship over the years.
“We believe that this settlement will be commercially beneficial for us and will help us remain focused on growth.
“The settlement is expected to reflect in the financials of Wipro Limited for the quarter ending September 30, 2018,” according to the filing.
