Wipro may forfeit full outstanding on Uninor deal: Sources

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Wipro may forfeit full outstanding on Uninor deal: Sources

A little over a week after the licenses of several mobile networks were cancelled by the SC, it is clear that the decision will not just impact telecom companies.

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Excerpts from What's Hot on CNBC-TV18 Watch the full show » Wipro BSE | NSE 25/05/12 Are Mutual Funds betting on Wipro?

A little over a week after the licenses of several mobile networks were cancelled by the SC, it is clear that the decision will not just impact telecom companies. CNBC-TV18's Sunanda Jayaseelan reports IT major Wipro is likely to forfeit the entire outstanding on its Uninor deal.

Wipro had signed a deal with Uninor in 2009, to provide IT services and support infrastructure. Sources say nearly 80-90% of the entire capex investment, which has already been done by Wipro, has been recovered by the IT major.

The outstanding amount is on IT services that Wipro has been providing subsequently on a quarterly basis. While the exact amount is not known yet, sources say, it is a very small insignificant amount.

The contract with Uninor had a clause to cover license cancellation. The size of the contract was scaled down to around USD 400 million from USD 500 million.

In its official comment, Wipro said, "As a policy we do not disclose client detail or comment on specific client work."