Wipro in Talks to Buy Equiniti for Over 1 Billion Pound: Report

Wipro is in talks to buy Equiniti, a business process outsourcing (BPO) company that manages the pensions of millions of UK civil servants, according to Sky News. Wipro could spend more than 1 billion pounds or around Rs 10,000 crore for acquiring a majority stake in Equiniti, according to media reports.

Wipro had a cash balance of Rs 15,668 crore as of March 31, 2015, up from Rs 10,555 crore in the previous year. Talks of Equiniti's acquisition come at a time when Wipro has set its sight on higher growth. India's third largest outsourcer has underperformed the broader IT sector over the last few years.

When contacted Wipro said, "We don't comment on market speculation."

Shares in the Wipro closed 3.60 per cent higher at Rs 563.30 apiece, outperforming the broader IT sub-index on the BSE, which ended 1.77 per cent higher.