Wipro, a leading global information technology, consulting and business process services company, has effected a settlement for the release of all claims under the lawsuit with National Grid US and a Stipulation of Discontinuance of the lawsuit has been filed in the U.S. District Court for the Eastern District of New York. The formalities for withdrawal of the lawsuit are expected to be completed shortly.

The settlement has been effected for an amount of USD 75 million and is without admission of liability or wrongdoing of any kind by the parties. The lawsuit was filed by National Grid US in 2017 seeking damages amounting to USD 140 million plus additional costs related to an ERP implementation project.

National Grid has been a valued customer of Wipro for over a decade and both organizations have had a mutually beneficial relationship over the years. We believe that this settlement will be commercially beneficial for us and will help us remain focused on growth.

The settlement is expected to reflect in the financials of Wipro for the quarter ending September 30, 2018.

Shares of the company declined Rs 0.4, or 0.14%, to trade at Rs 277.75. The total volume of shares traded was 13,999 at the BSE (10.02 a.m., Monday).