New Delhi: Indian IT firm Wipro on Saturday said it has settled a lawsuit with National Grid US for $75 million and formalities for withdrawal of the lawsuit are expected to be completed shortly.
"Wipro Limited 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 US District Court for the Eastern District of New York," Wipro said on Saturday in a regulatory filing.
National Grid US had sued Wipro in 2017 seeking damages amounting to $140 million plus additional costs related to an enterprise resource planning (ERP) implementation project.
"The settlement has been effected for an amount of $75 million and is without admission of liability or wrongdoing of any kind by the parties," Wipro said.
The formalities for withdrawal of the lawsuit are expected to be completed shortly, the IT firm said.
"National Grid has been a valued customer of Wipro for over a decade and both organisations 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 filing said.
The settlement is expected to reflect in the financials of Wipro for the quarter ending September 30, 2018, it added.
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