Premji Denies report of Wipro Founders considering sale of Partial or Whole Business

After the Infosys segment, the latest addition of selling the stocks of the IT industry is focused and targeted over the India’s third largest IT venture Wipro. Ever since, Trump administration implemented strong rules over the IT firms especially Indian based IT firms, there has been continuous talk in the industry that Indian IT would about to face its downfall. On proving the fact, few weeks before India’s top IT ventures announced the layoff process which is significantly high when compared with previous years.

Promoters of Wipro evaluating sale of their holding 

As far as the information gathered from the source Money Control, the promoters of the IT venture Wipro have reached the bankers in order to evaluate their holdings of them. The act has been quoted as to explore the real value of their holding over the firm and with the intention of selling the partial or whole stake of the company Wipro.

The news agencies quoted that the chairman of Wipro Mr. Premji and his family who owns 73% percent of the stakes over the IT venture Wipro, while the percentage evaluated as the value of $7.7 billion. The agencies has also quoted that the bankers have informed that Mr. Premji and his family approached them with the proposal of selling partial or full to the potential buyers of their stake.

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Comments from Wipro Chairman Azim Premji

On responding to the reports mentioned in the Moneycontrol, the co-founder of the IT venture denies and conveyed as it is the baseless and untrue news. He also quoted that “Over the last 5 decades, I witnessed the company Wipro growth from being a small regional based vegetable oils player to one among the top ventures in the technology field.  And I still believe the firm will face same amount of growth in the IT industry with the potential it has.” He also wrote to all the employees of the Wipro in such a way boosting their confidence.