Wipro bags Credit Suisse's ''IT New Business Award'' for Strategic Partnership

Wipro Technologies, the global IT services business of Wipro Limited (NYSE:WIT) announced that it has been recognized as the winner of the IT New Business Award for Strategic Partnership by Credit Suisse. The award recognizes Wipro’s partnership with Credit Suisse IT in achievement of their global sourcing strategy that included the setting up of a dedicated Center of Excellence in Pune, India. Wipro was selected from among Credit Suisse’s top 25 strategic IT vendors for this award. The selection was based on a structured vendor score card exercise run by the Credit Suisse IT Supplier Relationship Management Program, which compared their top vendors across the key evaluation criteria which included Overall Relationship, High Quality, Superior Capability, Competitive Pricing and Managed Risks. Wipro has partnered with Credit Suisse IT for providing outsourced services for a wide range of banking functions, including information technology, operations, finance and front-office functions. The partnership was built on an innovative sourcing model that allowed three primary ownership models (captive, outsourced, co-managed) to co exist under one roof catering to different business requirements.. The Pune Center of Excellence supports the Bank's businesses across 50 countries globally and was their fastest growing center in the world. Wipro helped Credit Suisse IT create a footprint in the most attractive talent market in the world with minimal CAPEX and quick time to market through this partnership. Tom Sanzone, CIO, Credit Suisse said, "Our Center of Excellence (CoE) engagement in partnership with Wipro is a truly transformational initiative for Credit Suisse. It is a critical aspect in achieving our vision of being an industry leader in leveraging IT for business leadership. We appreciate the commitment shown by Wipro which helped us realize our vision to execute this in an innovative business model which required significant maturity, commitment and flexibility. We were successful in meeting our aggressive deployment plans for 2007. As the primary partner for CoE, Wipro was instrumental in this process. We are encouraged by the success of our partnership so far and hope to build further on the same.” Wipro has contributed to many strategic initiatives within Credit Suisse IT such as the OneBank Delivery model as a part of the overall engagement. To minimize risk and increase flexibility, Wipro provides a "flex-sourcing" model for Credit Suisse IT to leverage different engagement models as appropriate. By end of 2007, the partnership generated significant cost reduction achieved through centralizing all functions in one site with a common infrastructure. Wipro is also partnering Credit Suisse IT in its Innovation capabilities including Web 2.0 technology based portal to enable collaboration, knowledge sharing, community building and in the area of Technology Infrastructure Services. Girish Paranjpe, President, Wipro Finance Solutions said, "This award is a testament to the strength of our relationship with Credit Suisse IT. Credit Suisse IT is very focused in its approach to a global ramp-up and it has been very fulfilling for us to collaborate with them in their efforts. We intend to continue to deliver value to Credit Suisse IT through our expertise in technology and operations in financial services domain leveraging our dynamic innovation process.” Wipro’s dedicated business unit for financial services contributes close to 24% of its Global IT services revenues. The IT major has built proven capabilities in developing and implementing solutions for each of the Banking, Capital Markets, and Insurance industries. Wipro has expertise working across the entire range of market participants in the financial industry. About Credit Suisse As one of the world's leading banks, Credit Suisse provides its clients with investment banking, private banking and asset management services worldwide. Credit Suisse offers advisory services, comprehensive solutions and innovative products to companies, institutional clients and high-net-worth private clients globally, as well as retail clients in Switzerland. Credit Suisse is active in over 50 countries and employs approximately 45,000 people. Credit Suisse's parent company, Credit Suisse Group, is a leading global financial services company headquartered in Zurich. Credit Suisse Group's registered shares (CSGN) are listed in Switzerland and, in the form of American Depositary Shares (CS), in New York. Further information about Credit Suisse can be found at www.credit-suisse.com About Wipro Wipro Technologies, a division of Wipro Limited (NYSE:WIT), is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services organization globally. Wipro Technologies was recently assessed at Level 5 for CMMI V 1.2 across offshore and onsite development centers. Wipro is one of the largest product engineering and support service providers worldwide. Wipro provides comprehensive research and development services, IT solutions and services, including systems integration, Information Systems outsourcing, package implementation, software application development and maintenance services to corporations globally. In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India offering system integration, network integration, software solutions and IT services. Wipro also has a profitable presence in niche market segments of consumer products and lighting. In the Asia Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro's ADS’ are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai, and the National Stock Exchange. For more information, please visit our websites at www.wipro.com http://www.wiprocorporate.com Forward-looking and Cautionary Statements Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.