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Indian Information Technology giant Wipro has settled its lawsuit with US energy company National Grid for a settlement cost of US $75 million for the release of all claims under the lawsuit.
The lawsuit was filed in 2017 against Wipro seeking damages for US $140 million by the energy company which is a decade old customer, for the dispute relating to an Enterprise Resource Planning (ERP) implementation. National Grid is a clean energy, natural gas and electricity company serving more the 20 million people in the areas of New York state.
According to BSE filings on Saturday, Wipro released a statement quoting “ The formalities for the withdrawal of lawsuit is expected to be completed shortly. The settlement of has been effected for an amount of US $75 million and is without admission of liability or wrongdoing by the parties.”
Wipro said the charges of settlement for the lawsuit will be reported in the company’s September end quarter.
