Wipro gains 2.5% on winning multi-year global automotive software engineering contract from Marelli
September 10, 2020
Wipro Limited and Marelli, today announced that they have entered into a multi-year global agreement for automotive engineering services.
The company is currently trading at Rs285.50 up by Rs6.85 or 2.46% from its previous closing of Rs278.65 on the BSE. The scrip opened at Rs282 and has touched a high and low of Rs286.60 and Rs278.60 respectively.
Marelli is one of the world’s leading global independent suppliers to the automotive sector with operational headquarters in Saitama, Japan and Corbetta, Italy.
The integration synergies of this partnership from across business units will help Marelli drive speed to value and realize its vision of transforming the future of mobility in partnership with its customers.
As part of this agreement, Wipro will leverage its EngineeringNXT framework and strong automotive engineering expertise to establish a software engineering factory for Marelli. Also, it will help improve Marelli’s operational efficiency and expedite launch of cuttingedge technologies on connectivity and sustainable mobility solutions.
“Given the rapid evolution of connectivity and mobility, Marelli is scaling its software engineering capabilities globally. The Marelli-Wipro partnership will allow us to drive leadership in mobility and transform our products to future market needs. We are delighted to have the benefit of Wipro’s experience, capabilities and speed of execution for Marelli,” Dr. Detlef Juerss, Executive Vice President – Chief Commercial, Engineering & Technology Officer, Marelli said.
Vinay Firake, Senior Vice President, Manufacturing Business Unit, Wipro Limited said, “Wipro is already an IT partner to Marelli, helping the company standardize, simplify and enhance their IT services at a global level. We are glad to be selected as Marelli’s engineering partner. Our expanded partnership with the company bears testimony to the value we have been delivering to them. With this new engagement, we are confident of driving better business outcomes for automotive consumers, OEMs and Marelli group.”