GM accounts for less than 1% of Wipro's revenues

Automobile manufacturer General Motors, which is seeking to emerge from bankruptcy, accounts for less than 1 per cent of Wipro's IT services revenues, while the IT company’s receivables are below $8 million.

"In light of recent news reports on General Motors, Wipro would like to disclose the status of its relationship with them. General Motors accounts for less than 1 per cent of Wipro's IT Services segment revenue, and our assessment is that a substantial portion is expected to continue...,” Wipro informed BSE today.

“Our accounts receivable as on the date of filing is under $8 million,” it added.

Wipro also stated that it does not expect “significant adverse impact” on account of GM’s bankruptcy filing.

“We are in constant dialogue with them to monitor and assess the situation," it added.

US-based GM had filed for bankruptcy protection earlier this week, and the US government will expected to provide over $50 billion in loans for the company’s reorganisation.