Wipro eyeing acquisitions, govt projects

Against the backdrop of a spate of recent acquisitions by international technology companies like Dell and Xerox, Indian IT major Wipro on Friday said it is looking at acquisitions to fuel growth.

"We are selectively looking at acquisitions… it will be a string of smaller ones," Wipro chairman Azim Premji told reporters on the sidelines of a conference.

He, however, declined to divulge further details saying, "It is premature to talk of them." Premji said.

Wipro is focusing on the domestic sector, which accounts for just about 5 per cent of its Rs 6,274 crore (Rs 62.74 billion) revenues for the quarter ended June 30, 2009. About a quarter of domestic sales comes from government projects.

"We are very active in the (government) space and chasing many deals... About 20-25 per cent of our Indian revenues come from the government sector," Premji said.

On the signs of recovery in the IT market, which was hit by the global economic meltdown, Premji said, "I think there is stabilisation in the market."