Wipro pays $75 million to US energy utility to settle suit
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BENGALURU: Wipro has effected a $75-million settlement with its decade-old customer National Grid for release of all claims under a lawsuit the latter filed in a New York district court against the firm in 2017.
National Grid is an electricity, natural gas, and clean energy delivery company that supplies energy for more than 20 million people through its networks in New York, Massachusetts, and Rhode Island.
National Grid filed a lawsuit against Wipro seeking damages amounting to $140 million plus additional costs related to an enterprise resource planning (ERP) implementation project. Wipro informed the stock exchanges that a settlement has been effected for $75 million without admission of liability or wrongdoing of any kind by the parties. The formalities for withdrawal of the lawsuit are expected to be completed shortly.
Wipro said the settlement charges would be reflected in the company’s September quarter numbers.
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