No timeframe for cutting stake, says Azim Premji

Wipro plans to set up a centre in eastern Europe in one year.

Wipro chairman, Azim Premji, on Tuesday said that the promoters will decide on reducing their shareholding in the company at an appropriate time though no timeframe had been set for it.

"I understand that for large companies a larger float is desirable," he said adding that a technical interpretation on the recent Sebi order was being carried out.

Premji said that Wipro was looking to set up a centre in eastern Europe over the next 12 months and had identified Hungary, Romania, Bulgaria and Russia as possible locations.

He also said that the company was engaged in enhancing its presence in China through it's service centres in Beijing and Shanghai.

Wipro uses these centres to tap the US and the Japanese markets.

Instead of fighting for a share in the Chinese market, Wipro would focus on servicing international clients from the country, he added.

Commenting on the problems faced by the company in China, Premji said that there were some intellectual property regime related concerns in China.

He also said that there were problems related to the lack of English speaking population, the quality of project management and absence of quality mid-level managers in China.

When asked about setting up a centre in Pakistan, he said that although Wipro was working closely with six of the seven top mobile handset manufacturers, the critical pace was missing.