| Log in
Other Photo Credit: Reuters

Wipro to sell energy services biz to UTC unit for $70 mn

01 December, 2016

Wipro Ltd has decided to sell its energy management services division to a unit of United Technologies Corp (UTC), as India’s third-largest software services exporter sheds non-core businesses to focus on its main IT operations.

The IT company will sell the EcoEnergy division to Chubb Alba Control Systems Ltd, an indirect subsidiary of UTC, Wipro said in a stock-exchange filing.

Bengaluru-based EcoEnergy provides energy management services to commercial customers in North America, Europe and Asia. It clocked revenue of Rs 67.64 crore in 2015-16. That’s 0.1% of Wipro’s total revenue.

Wipro said it is selling EcoEnergy because the company has been sharpening focus on its core IT business and the division is not strategic to the main business.

The deal is subject to regulatory approval and is likely to close in early 2017.

UTC is a diversified US multinational with sales of $56 billion. Founded in 1934, it provides high-technology products and services to building systems and aerospace industries. It operates through four segments—UTC Climate, Controls and Security; Otis; Pratt and Whitney; and UTC Aerospace Systems.

UTC has previously also struck acquisitions in India. In 2005, the company acquired Kidde Fire in Mumbai (formerly Vijay Fire) for an undisclosed sum. Two years later, UTC Fire and Security acquired a majority stake in Alba Control Systems Ltd, now called Chubb Alba.

In 2011, UTC Climate acquired a controlling stake in Chennai-based Agnice Fire Protection Ltd for an undisclosed sum.

Like this report? Sign up for our daily newsletter to get our top reports.

Leave Your Comment
Wipro to sell hosted data centre business to US firm for $405 mn

Wipro to sell hosted data centre business to US firm for $405 mn

Ranjani R 3 months ago
Wipro Ltd, India’s third-largest software services exporter, has agreed to...
L&T Infotech buys Otis Elevator's IT arm ISRC

L&T Infotech buys Otis Elevator’s IT arm ISRC

Priyanka Sahay 4 years ago
Information technology services and solutions provider L&T Infotech, a-...
Wipro to acquire Canadian firm ATCO's IT arm for $195M

Wipro to acquire Canadian firm ATCO’s IT arm for $195M

Bhawna Gupta 4 years ago
Azim Premji-led global IT firm Wipro Ltd said it will acquire ATCO I-Tek, an IT...
No Comments

Wipro to sell energy services biz to UTC unit for $70 mn

Powered by WordPress.com VIP