Wipro clarifies on GM IT re-sourcing

Wipro Ltd has clarified that the figure of $300 million, which has been reported as the value of the Wipro-GM IT re-sourcing announcement is not accurate. The company has won in direct bid the middleware systems and IS&S tools worth $27 million over five years.

The company's current contracts with GM are expected to yield revenue of approximately $40 million this fiscal year ending March, 2006. The numbers reported as the value of this contract on February 03, 2006, were purely estimates of future business the company hopes to attain with GM and other IT suppliers supporting GM's business.