January 27th, 2012
10:18 AM GMT
Davos, Switzerland (CNN) – Indian IT giant Wipro is expanding globally to avoid feeling the heat of any slowdown in its top markets – primarily the United States and Europe. But Wipro Chairman Azim Premji said he is not worried about the pace at which those economies are recovering.
“Irrespective of all the slowdown you hear about vis-a-vis the global economy as far as IT is concerned demand is still strong, particularly for global partnering,” Premji told CNN’s John Defterios.
“I think partly it is determined by the fact that U.S. companies are full of cash flow, they’ve established relationships and are growing relationships with global companies, and they’re willing to invest in transformational projects, keep-the-lights-on projects,” he added.
Premji, who is India’s fifth-richest man, says most estimates are for the IT industry to grow about 15% in 2012. He added that emerging markets were helping to drive growth and innovation for Wipro.
He said: “Some of our highest growth markets are outside the Western world, including India, including the Far East, including the Middle East, and what we’re doing is very, very significant reverse innovation in India, custom made to the domestic requirements of the emerging markets."
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