Wipro to settle US lawsuit for $75 million

Wipro said it has effected a settlement of the lawsuit filed by National Grid US for $75 million (Rs. 499 crore), which would impact its July-September results.The company, India's third largest software services exporter, said this settlement is for the release of all claims under the lawsuit with National Grid US. In this regard, a Stipulation of Discontinuance of the lawsuit has been filed in the U.S. District Court for the Eastern District of New York, said Wipro in a filing to the exchange.“The settlement has been effected for an amount of US$ 75 million and is without admission of liability or wrongdoing of any kind by the parties,” said the company in its statement.Wipro, which grew 0.3% in constant currency to $2.02 billion in the first quarter of this fiscal, had forecast a marginal rise in numbers for the second quarter.The lawsuit was filed in December last year by the American unit of British energy utility major National Grid Plc and it claimed damages amounting to $ 140 million and additional costs related to an enterprise resource planning for back office system implementation project. “National Grid has been a valued customer of Wipro for over a decade and both organizations 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,” said Wipro.

from The Economic Times https://ift.tt/2LU7zt1