Wipro to sell EcoEnergy business to Chubb Alba for USD70 mn

Chubb Alba is an indirect subsidiary of United Technologies Corporation (UTC), which is a major US multinational with sales of USD 56 billion and has 2 lakh employees.
  • Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead GrowMyMoney IThe Winning Leap SME Special
Moneycontrol

Home » News » Business

Nov 30, 2016, 10.40 PM | Source: PTI

Wipro to sell EcoEnergy business to Chubb Alba for USD70 mn

Chubb Alba is an indirect subsidiary of United Technologies Corporation (UTC), which is a major US multinational with sales of USD 56 billion and has 2 lakh employees.

Like this story, share it with millions of investors on M3

Wipro to sell EcoEnergy business to Chubb Alba for USD70 mn

Chubb Alba is an indirect subsidiary of United Technologies Corporation (UTC), which is a major US multinational with sales of USD 56 billion and has 2 lakh employees.

Post Your Comments

Share Cancel

| 1 Comments
Wipro to sell EcoEnergy business to Chubb Alba for USD70 mn
In a bid to sharpen focus on its core IT business, Wipro today said it will sell its EcoEnergy division to Chubb Alba Control Systems for USD 70 million.

Chubb Alba is an indirect subsidiary of United Technologies Corporation (UTC), which is a major US multinational with sales of USD 56 billion and has 2 lakh employees.

"Wipro has been sharpening focus on its core IT business.

Since business carried out by EcoEnergy division is not core and strategic to overall IT business of the company, it has been decided to divest the business," Wipro said in a filing to BSE.

The consideration of the deal, which is expected to close in early 2017, is for USD 70 million, it added.

Approval from the Competition Commission of India will be obtained by the buyer, it said.

"Since this is a sale of business division, there will be no consequent change in shareholding pattern of the company," Wipro added.

The said division, which has a net worth of Rs 15.6 crore, clocked revenue of Rs 67.64 crore in FY2015-16.

UTC operates through 4 segments -- UTC Climate, Controls and Security; Otis; Pratt and Whitney; and UTC Aerospace Systems.

Buy, Hold, Sell ? Hear it first on M3
Wipro to sell EcoEnergy business to Chubb Alba for USD70 mn

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login