Wipro will sell Ecoenergy Unit for $70 Mn

Wipro announced that it has agreed to sell its EcoEnergy division for US$ 70 million as it sharpens its focus on its core IT business.

Wipro EcoEnergy generates revenue of about Rs 67.6 crores in the Financial Year 2016 and has a net worth of Rs 15.6 crores, Wipro said in a regulatory filing with the Bombay Stock Exchange.

According to the filing by Wipro since the business carried out by the EcoEnergy division is not core and strategic to the overall IT business, hence the company has decided to divest the business.

The unit provides solutions for energy efficient as well as the management to enterprise clients. In the month of October, Wipro announced that EcoEnergy division won a deal with restaurant chain owner Specialty Restaurants to provide energy efficiency services.

The sale to a subsidiary of UTC Climate, Controls and also Security is subject closing conditions and regulatory approval Wipro further added.

Ross Shuster, president, International Operations, UTC Climate, Controls & Security, said in a statement following the decision that EcoEnergy’s energy management platform and services, along with the expertise of its team, will enable UTC Climate, Controls & Security to further develop its remote monitoring. It will also help in building analytics capabilities and bring enhanced services and solutions to UTC Climate, Controls & Security’s broad, global customer base.

Meanwhile Wipro share price is trading at Rs 459.00, down by 1.99 per cent or 9.30 points. A total of 7,20,328 shares of the company have been traded on the counter of NSE aggregating to a total value of Rs 3,347.22 lacs. The Lower Price Band is 421.50 and the Upper Price Band is 515.10.

Wipro is recommended as one of the top 500 shares by Dynamic Levels research team. Get the most important historical share price performance of Wipro at Wipro share price history.