Wipro Ltd

Wipro Ltd has informed that the Company has entered into a definitive agreement on September 27, 2007 to acquire Oki Techno Centre (Singapore) Pte Ltd over a period of one year. The Target Company is based out of Singapore and is focused on wireless design in the areas of RF (Radio Frequency) and Baseband.

In this regards the Company has issued the following Press Release:

"Oki Electric Industry Co. Ltd. and Wipro Technologies, the global IT services arm of Wipro Ltd on September 27, 2007 has announced their strategic partnership in the area of design services for the semiconductor market. As part of this partnership, Wipro has signed a definitive agreement to acquire Oki Techno Centre Singapore Pte. Ltd (OTCS) including its own Intellectual Property Rights in an all cash deal over a period of one year. Wipro will also establish a dedicated Development Centre for OKI.

OTCS is a wholly owned subsidiary of OKI focused on wireless design and has demonstrated innovative capabilities in RF (Radio Frequency) and baseband design. OTCS is a 40 member center with SGD 8.8 M as the revenues of the fiscal year ended March 31, 2007. The Company has key customers in Japan in product engineering space.

The development center set up by Wipro will enable OKI to utilize design resource efficiently and enhance product development capabilities. This will enable OKI to expand its semiconductor business and increase its competitive edge in designing semiconductor products in the global market.

"OKI has been enhancing its design and development skills to respond to more complex and sophisticated LSIs. We have been looking for a global partner to improve our efficiency in semiconductor design through outsourcing, as we focus on improving our core designing capabilities," said Masahiko Morioka, President or Silicon Solutions Company at Oki Electric industry. "The capability at Wipro will enable OKI to provide high-quality technologies and products to its customers in a timely manner."

Wipro is a leading solutions provider in the semiconductor design services space and has been strengthening its presence by complementing its digital expertise with analog arid RF skills. Wipro's NewLogic acquisition in 2005 strengthened its position in the area of wireless designs in CMOS RF and IPs. The acquisition of OTCS further strengthens our capabilities in RF and baseband design and gives deeper domain strengths in the area of DTV standards, WiMedia UWB, RFID and Wireless LAN 802.11 technology areas.

"The wireless communication IC marketplace today is demanding integrated SoC solutions requiring expertise in digital and RF domain. The acquisition of OTCS is a significant step in our plans to strengthen the leadership in design services in the RF and baseband technology space. The acquisition also provides a solid base for addressing the large market in Japan and East Asia," said Ramesh Emani, President, Telecom and Product Engineering Solutions Division, Wipro Technologies.

The entire transaction is expected to be closed during the next one month. The closing of the transaction is subject to customary closing conditions and regulatory approvals."