BENGALURU: Wipro said it agreed to sell its EcoEnergy division for $70 million as it sharpens its focus on its core IT business.
Wipro EcoEnergy had revenue of about RS 67.6 crore in FY16 and has a net worth of RS 15.6 crore, Wipro said in a filing with the Bombay Stock Exchange.
“Since the business carried out by the EcoEnergy division is not core and strategic to the overall IT business, it has been decided to divest the business,” Wipro said in the filing.
The unit provides solutions for energy efficiency and management to enterprise clients. In October, Wipro announced that EcoEnergy division won a deal with restaurant chain owner Specialty Restaurants to provide energy efficiency services.
The sale to a subsidiary of UTC Climate, Controls and Security is subject closing conditions and regulatory approval Wipro said.
“We believe EcoEnergy’s energy management platform and services, along with the expertise of its team, will enable UTC Climate, Controls & Security to further develop its remote monitoring and building analytics capabilities and bring enhanced services and solutions to UTC Climate, Controls & Security’s broad, global customer base,” Ross Shuster, president, International Operations, UTC Climate, Controls & Security, said in a statement.