Sale of EcoEnergy division completed
Wipro, India's third largest software exporter, said it has completed the $70 million sale of its EcoEnergy division. In November last year, the Bengaluru-based company had said it will sell its EcoEnergy division to Chubb Alba Control Systems for $70 million in order to sharpen focus on core IT business.
- Wipro has completed the sale of its EcoEnergy division on March 1, 2017.
- The impact of sale of EcoEnergy division is expected to reflect in the financials of Wipro for the quarter and year ending March 31, 2017.
- Chubb Alba is an indirect subsidiary of United Technologies Corporation (UTC), which is a major US multinational with sales of $56 billion and has 2 lakh employees.