<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>12
<FILENAME>f89435exv99w10.txt
<DESCRIPTION>EXHIBIT 99.10
<TEXT>
<PAGE>
                                                                   EXHIBIT 99.10
                                      WIPRO
                               DOW JONES TELEPHONE
                                 APRIL 17, 2003

Vivek: Hello.

Male Participant: Hello Vivek this is Uday Khandeparkar from Dow Jones
Newswires here.

Vivek: Hi there, how are you?

Male Participant: This must have been a very hectic morning for you.

Vivek: Yes, it was, but they always are.

Male Participant: Thanks for giving me this time slot to speak with you.

Vivek: No problems.

Male Participant: Okay, I will start with the main issue causing concern in the
markets. First of all, the operating margins, they've fallen steadily through
the last fiscal year, what is your prediction, how much further could they fall
during the current financial year.

Vivek: Well, I think that, you know, the way that we have been looking at the
world is to not look at it in terms of percentages, but in terms of dollars, and
what we saw over the last year was really an opportunity for substantial growth.
If we look at the billed man months growth that we had in the last year, year
ended March 31, that was more than we have ever had before. So, it really was a
year where we felt that in a sense it was an opportunity for us to be able to do
some good growth, and I think what we have seen is that. Alongside with that
what we have seen from the margin perspective obviously is the pricing pressure,
that is one of the, rupee exchange rate going the wrong way. Now, if we look at
those two factors and we project them out, I think that as far as the exchange
rate is concerned, frankly that is anybody's guess. I am not sure I could
comment to you as to what, you know, what the future holds for that. But if you
look at on the pricing pressure, we think that pricing pressure as defined by
customer expecting more for less will continue, but the two things that we can
use to offset them are, one is better mix of more application build business
versus application manage. When application manage business comes, it comes
focussed on cost reduction and therefore it is very price sensitive. Application
billed has a time to market element to it, and that in turn is something that
allows us to be able to get a little bit better yield. So, that is one thing,
which is getting the mix of the business going. And, the second thing is being
in an environment where customers do ramp up to the levels that they have said
they would, which is in someway what

<PAGE>

is driving this price reduction that we are then able to get some pricing
leverage, although frankly I think that it will take an uptake for this to
happen. The third level by the way which I should mention is that, we have been
successful when we made acquisitions like the AMS one to be able to successfully
cross sell and be able to sell some of our services into their accounts at price
points that generally closer to theirs than ours. Of course, that story is very
short, it has only been 100 days since we bought AMS, and it is very small right
now, but that is another lever.

Male Participant: Just to clarify when you say that, you know, you made an
increase by so many man days or man hours whatever, what you are saying is that
you have sacrificed margins to grow volumes, which is the way the business is
headed, is that correct?

Vivek: No, I would not say that we are sacrificing margins to grow volume,
because in some ways that appears to indicate that, you know, we are saying
that, you know, we are not terribly concerned about margins, which is not true.
I think the way that we are looking at it is, when customers are coming to us
and saying, we would like to be able to grow our relationship with you, and in
return I am expecting a better price, we have generally made it sort of price
volume match and figured out what we see as the overall kind of dollar growth,
and focussed on that more than anything else.

Male Participant: So eventually it would come to a level, a certain percentage
after which you will not go down. To what extent are you willing to go down on
margins?

Vivek: Well, obviously we have guidelines as to how low we can go.

Male Participant: Okay. A question on your contract with 186k which is worth $70
million, I think about $34 million worth of work was still pending, is that
contract still with you?

Vivek: Well, you know, as we have said that the new owners would make an
independent decision, they have not, yet. So, as things stand right now, our
agreement with 186K is terminated and finished. The new owners may decide to use
that infrastructure, if they do, they will need somebody to maintain it, in
which case they will call on us because we are the most natural party, but they
have not made that decision, or made any decision for that matter.

Male Participant: Is that decision likely in this quarter?

Vivek: Don't know yet, I mean, fundamentally, even if the decision goes forward,
I don't want to have you misunderstand that we have $34 million execution this
quarter because it is basically now in manage mode, which means it is, over the
several years it will go into a steady state of revenue, but you know, we don't

<PAGE>

know when they will make that decision or what decision they will make because
they appear to be in no hurry.

Male Participant: In terms of revenue growth rate, what you are looking for in
this year, like you know, with the business, with new acquisitions and
restructuring and things happening, doesn't that mean that volumes will grow
substantially this year?

Vivek: I think that it is very difficult for me to answer that question because
we haven't given any guidance for the full year.

Male Participant: Yeah, I was coming to your outlook for the first quarter, I
mean, because it is just 3% on-quarter growth in global IT services, how do you
view that?

Vivek: Well I think that, you know, what we are seeing is a unique situation
where if we take a look at our long term prospect, they look and feel great
because I think more and more companies want our services, everything looks like
it is headed in the right direction. On the other hand, if we look at the short
term, the short term is very uncertain because companies are still not sure
exactly when and how fast they will ramp up. So, as a result, the ramp up
haven't been at the speed at which we would have liked to have seen them, which
is why even last quarter when we were calling the quarter, we only called 162
million even though we had hired a 1300 the quarter before because there were
still a lot of uncertainty around the speed with which they would ramp.

Male Participant: What is the reason for the uncertainty that customers have?

Vivek: Just their own, you know, their economic situation, you know, in terms of
do I do it this week, do I do it a month later, what is the employee
sensitivity, etc. And the problem is that there is no shelf life, so a second
un-billed is a second lost forever.

Male Participant: When you talk about employee sensitivity, are you talking
about the protectionist tendencies in western countries, is that what you are
referring to?

Vivek: True. You know, so, essentially they need to bring their employees on
board, or they may decide that while this function, you know, let me do this a
little bit later, let me have that review later. So, what I am saying is that,
that whole transition process goes through multiple changes as they try to
figure out what they are going to do as their economic environment change, etc,
etc.

Male Participant: Your fourth quarter profits were impacted by a loss in your
energy practice? Is it still losing money?

<PAGE>

Vivek: No, that was, you know, we were accruing expenses relating to the
retention bonuses that we are paying out, and I think that a big chunk of that
was a 100-day bonus which is over now. So, I think, which was 90 days accrued
for the last quarter and only 10 days for this quarter. So, that is over now.

Male Participant: So the energy practice is doing well now?

Vivek: Sure.

Male Participant: Vivek, just one question, on profit margins, do you think at
all there is a possibility that we might this year come back to levels which, or
this year there could be some easing of pressures. And, secondly, I mean, to
what extent do you think the prices could fall, can it stabilize at current
levels, or do you think the pressure still continues?

Vivek: I think that first of all, you know, probably the best way to answer that
question is to look at what could drive upside in pricing, and as I mentioned
earlier, there are basically three, two of which I think are economic
environment related, which is our ability to improve the mix of business, our
ability to have ramped up and therefore have more stability, which allows us to
get more pricing leverage in terms of, you know, now that the customers reach
the ramp that they wanted to, we can then go back and say we would like higher
price, and the third is the ability that we might have in terms of being able to
after we make acquisition get pricing closer to the acquired companies than
ours. And, I think, on the first one I think it is economic linked which is, if
there is an uptake, people will do more build rather than manage because build
is discretionary and right now they are not doing discretionary. If I look at
the second one, hopefully, that will happen sometime in the next 9 to 10 months
as companies do ramp up because all of them are talking very aggressively about
ramping up. And, on the third one, which is acquisitions, I think that that is
something we need to keep pushing. So, I would say that all those are, you know,
I don't think that we are going to see pricing, you know, big pricing upsides
for a little while.

Male Participant: On Spectramind Vivek, I have a question. You have made a
revenue projection of $16 million, how would you describe it, would you describe
it as competitive or upbeat, what sort of, how do you look at that, from $14
million?

Vivek: Yeah, you know, we try to be as realistic as we can in our guidance. So,
we try not to, you know, consciously sand bag air or anything. So, even last
quarter when we made the 162 guidance or the 12 guidance that really was our
best call at that time. Now, we were fortunate to have good upsides and we were
able to show higher numbers on both the IT as well as the BPO sides. But, I
think that the same thing holds true for this quarter's revenue forecasts as
well.

<PAGE>

Male Participant: How is Wipro going to take on the competition which is coming
from global IT firms setting up units in India, you know, the outsourcing units?

Vivek: Well, I think that, you know, you have two elements here, one is the
customer setting up their own units, and the second is the IT services company
setting up their units. Customers setting up their own units are being very
tough on pricing, in the sense that they are having a better handle now on what
their total cost is of their own center, and using that as a negotiating
leverage point. As far as the, I am sorry, I lost my train of thoughts....

Male Participant: I mean you talked about the customers, but then on the other
hand the IT comp like IBM start their unit.

Vivek: That's right. Sorry I lost my thought, somebody walked into the room so I
sort of... As far as the big 5 are concerned, you know, we don't really see them
that much in the deal flow that we have. We see them in a couple of places where
we have a large account and the customers looking for a, you know, being able to
put up a big software factory, we will see them compete in those places. But
other than that, I think what they are doing is primarily in their existing
customer base, marketing these services. So, we haven't really seen any sort of,
you know, I would say 0.2% of the deal flows where we have seen them and, you
know, at least so far we haven't, we don't know the single situation where we
have a lost the deal to them.

Male Participant: Right. Finally, are you looking at, you know, during this
quarter any major deals coming up?

Vivek: Let me just clarify that, that my point about not seeing them relates to
the offshore related services, we do see them much more aggressively on our
package implementation side of the business or out system integration side of
the business. So, in those two areas, we do see them. I was talking about the
offshore side because that was the question you had, so I just want to make
sure, I didn't mischaracterize it by saying we never see them, as because
obviously we do.

Okay, coming back to your question. Could you repeat that question please?

Male Participant: I mean, the revenue guidance is lower than expected. Any
chance you could exceed it?

Vivek: The major deals...

Male Participant: The new business that you see coming, the volumes, do you see
it from existing customers, or a lot of it coming from new customers.

<PAGE>

Vivek: I think that what we are seeing is every customer is ramping up at a
steady pace. So, as a result, what we are going to see is, customers that we
added over the last quarter and the quarter before will ramp up, and as we add
new customers, they will ramp up slowly as well. So, I don't think we will see
a, you know, sort of big 186K type, you know, customers comes in and makes a big
impact within a quarter kind of a situation. I think we will see some of the
accounts we added over the last couple of quarters rise and some of the new
customers that come in also continue to contribute. So, I don't think we will
see any particular shift, what I do think you will see is that, if I look out at
this year, the last year we had something like 8% of our revenue come from new
accounts, that compared to 15 to 16% the year before. I think over the next
year, you probably will see us go back to somewhere between that 8 and that 15
to 16%. The last year, 8% of our business came from new customers.

Male Participant: Okay.

Vivek: Yeah. So, I think that, historically it has been 15 to 16%. So, I think
we will go back closer to the historical averages.

Male Participant: Right, okay. Thank you Vivek, I have finished my questions.
Thanks a lot.

Vivek: Thank you, my pleasure, bye bye.


</TEXT>
</DOCUMENT>
