Wipro sells energy biz for $70 mn to India unit of UTC

Wipro has sold off energy services business EcoEnergy to the Indian arm of United Technologies Corporation for an estimated Rs 465 crore as part of its strategy to exit noncore businesses.

Wipro said it was a strategic decision to divest from the energy business as the software major would focus on core IT services business. Both the companies signed a pact on Wednesday. In last financial year, EcoEnergy contributed nearly Rs 67.6 crore to the company’s overall revenue and its net worth was Rs 15.6 crore. The Bengaluru-based energy division of Wipro, EcoEnergy, provides energy management services to industries in North America, Europe, and Asia.