Wipro settles National Grid US lawsuit for $75 mn; Q2 earnings may be hit

The British utility major had filed a lawsuit in Dec last year seeking $140 mn towards damage with relation to an ERP project

Information technology (IT) services company Wipro Ltd on Saturday said the company has entered into a settlement with National Grid US for $75 million (around Rs 5 billion) with regard to a lawsuit filed by the energy utility major last year, and the effect of this payout would reflect in its July-September financial results. 

The company, however, didn't specify the quantum of impact on its profits for the July-September quarter. 

In a filing with Indian stock exchanges, Wipro said that the withdrawal of the lawsuit would be completed shortly post the settlement, and this would release the company "of all