Wipro settles National Grid lawsuit for USD75m
IT and outsourcing firm Wipro said it has reached a settlement in the lawsuit filed by National Grid US for USD75 million, which will impact its July-September results. The company, India’s third largest software services exporter, said the settlement is for the release from all claims under the lawsuit with National Grid US. The settlement was reached without admission of liability or wrongdoing of any kind by the parties, Wipro said in its statement. The lawsuit was filed in December last year by the American unit of British energy utility major National Grid Plc and claimed damages amounting to USD140 million and additional costs related to an enterprise resource planning for back office system implementation project. The settlement is expected to reflect in the financials of Wipro Limited for the quarter ending September 30 2018.
