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Is Wipro contemplating sale of its business?

Wipro Limited is in the news for a reason that has given jitters to the employees and investors alike. Earlier today there came a news that Wipro is considering the sale of the business. However, the company later denied the sale of its business. 

In a recent report that flashed in the media suggested that the company which is the third lagest IT services company in India is planning to sell the whole business to a multinational IT services company. The news stormed the IT services sector in India. While the company has consistently remained in the top 5 in India and has dominated the IT sector in India, the company is facing a row of challenges due to automation and the US restrictions on H1B visas. 

In a statement later issued by the company, it categorically denied the report of the sale of its whole or partial business. While it has denied the report, it might be true that Azim Premji is planning to sell the partial or whole business. The company is not growing at a pace it used to. The company has not bagged any major deals from the US market which is its bread and butter. 

Similarly, the company has faced headwinds in the European market and other markets. With weak outlook, the company might be considering the sale behind the curtain. This news does not seem entirely baseless as Azim Premji and his son has got a big cut in their salaries. The company's business has also come down in the Indian market.

Here's what Premji wrote to its employees:
Dear Wiproites,
Over the past 50 years, I have seen Wipro grow from a small regional player in vegetable oils to a global leader in technology. I continue to be incredibly excited about the potential of the IT industry and Wipro. I see enormous energy within the company to power the success of our clients and therefore the success of Wipro.

I remain as committed to Wipro as I have ever been. The news article about promoters of Wipro evaluating sale of their holding in the company is baseless and malicious. There is no truth to these unsubstantiated rumors.
     Azim Premji

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