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<FILENAME>f91681exv99w3.txt
<DESCRIPTION>EXHIBIT 99.3
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                                                                    EXHIBIT 99.3

PRESS CONFERENCE
AZIM PREMJI - CHAIRMAN, VIVEK PAUL - VICE CHAIRMAN, SURESH SENAPATY- CFO
(ALL WIPRO LIMITED)
RAMAN ROY-CHAIRMAN, WIPRO SPECTRAMIND, SURESH VASWANI - PRESIDENT, WIPRO
INFOTECH AND VINEET AGRAWAL, PRESIDENT- WIPRO CONSUMER CARE AND LIGHTING

SPEAKER: I extend a warm welcome to all of you to the Wipro Campus and to this
press conference. We will be starting the press conference with an address from
Mr. Premji, which will be taking off in about five minutes from now, followed by
the question and answers session. We are also recording the whole proceedings in
terms of questions and answers, so I would request you to speak into the mike
and do not ask the question unless you have the mike in your hand, and also
raise hands if you want to ask questions. We can go on with this question and
answer session up to 11:20 or so and after that we will break for high tea and I
would request you to join us for high tea. I would now request Mr. Premji to
deliver his statement. Thank you.

PREMJI: Good morning to all of you and I would like to welcome you to our
campus. I would also like to thank you for the efforts you have taken to come
here. Sometimes it is quite a ride with the way the Sarjapur Road has been
crowding up. So if anything you all can influence for the expansion of the
roads, which we would appreciate.

I am happy to share with you the results for the quarter ended June 30, 2003,
which are with you in the press docket. Therefore, let me share with you some of
our thoughts on how we see the environment.

Our strategy of becoming a comprehensive IT Solutions provider is beginning to
be reflected in our operations and in our operating results. Revenues from
Business Process Outsourcing, which was nil last year, is now about 9% of our
Services exports Revenues. Consequent to acquisitions and internal initiatives,
our Revenues from Consulting Services is now approximately 5% of our Revenues
for our Global IT business segment, up from an almost zero base a few quarters
ago. We have significantly enhanced our ability to serve various industry
sectors - the most recent example being the augmentation of our offerings in the
area of Financial Services through our acquisition of Nervewire. Meanwhile, we
continue to grow our traditional services including Infrastructure Management
and Package Implementation. We believe that we are moving in the strategic
direction that we desire.

Operationally, though, challenges in the near term continue. The recent
appreciation of the rupee against the U.S. dollar has added a new challenge
since the majority of our revenues are in dollars and a significant part of our
costs are in rupees. Although proactive hedging did help us in maintaining the
exchange rates in this quarter, we believe this will remain a difficult
challenge for us to manage effectively. Acquisitions pose challenges in terms of
successful integration and driving synergies, not to mention the short-term
dilution in margins. Our experience in this regard so far has been satisfactory
- both Wipro Spectramind and our Energy & Utilities Consulting practice have
demonstrated synergies and turned in profits for the quarter ended June 2003.
The charge that resulted from our acquisition of Nervewire has been reflected in
this quarter's results.
<PAGE>
On the positive side, volume growth continues to be robust across verticals.
Customer interest in Offshore IT Services continues to be high. The market for
IT-Enabled Services continues to grow, and at a healthy pace and we believe
that, with our leadership and track record with Wipro Spectramind, we are well
positioned to lead this growth. We are also seeing increased traction in our
Product R&D Technology business. We believe that, unlike in 2002-03, we will not
experience a significant drag on our overall growth rate resulting from a
decline in our Product R&D Technology business.

Going forward, in our Global IT Services and Products business, we will continue
to pursue our strategy of becoming a comprehensive provider of IT Services. In
the same breath, we will continue to aggressively pursue growth in Revenues and
Profits.

For the quarter ending September 2003, we anticipate that we will continue to
see volume-led growth. We expect a slight recovery in Operating Margins for the
next quarter excluding the probable impact of appreciation of the Rupee. The
improvement would be driven by increased in Offshore Services, improved
utilization rates for our employees and prudent cost management.

Let me just introduce the people who are on the dais. On the extreme left is
Vineet Agarwal, he is President of our Consumer Care and Lighting Business. Next
to him is Suresh Senapathy, he is our Chief Financial Officer. Next to him is
Vivek Paul, he is our Vice Chairman and Chief Executive Officer of our Global IT
Services Business. Next to him is Suresh Vaswani who is President of Wipro
Infotech which is our IT business for India, Asia Pacific, and Middle East, and
towards me is Raman Roy who is Chairman of the Wipro Spectramind and our Chief
Executive of Wipro Spectramind.

SPEAKER: If you want to ask any question raise your hands so that we can get the
mike over to you and please speak into the mike so that it can help us record
it.

CORRESPONDENT: I was interested only in the sequential quarter point of view,
the growth shows that most of them are parameters in the negative, what could be
the reasons?

SURESH: If you look at the sequential from Wipro Limited's prospective, it is
not very much comparable to see a growth because we have Wipro Infotech the
domestic business which tends to peak in the fourth quarter. But if you look at
the business in terms of Wipro Technology, there has been a sequential growth.
The volume growth has been about 6.7%, and consistently for the last five
quarters we have had a compounded quarterly growth rate of about 6.5%. We have
done about $195 million if you look at the figures of Wipro Technologies, Wipro
Spectramind, which is the IT-enabled services business, and Wipro Nervewire the
acquisition that we did in May of 2003. A combination all these three have given
us about $195 million of revenue for the quarter ending June and the guidance
was about $188 million.

This is a positive growth over the Q4 revenue. If you look at the overall YOY in
terms of the net income growth, net income growth before any discontinued
business, etc. has been about 4%. Thereafter if you look at the income from
affiliates and income from discontinued operations, which was in the last
quarter of the previous year, last quarter of this year, then the growth comes
to be 43%. At a PBIT level we have posted a growth of 4%, PBIT growth for Wipro
Technologies has
<PAGE>
been 4%. If you look at the PBIT growth on a sequential basis it has been a
decline for Wipro Technologies because there has been a contraction in the
margins, and the margin contraction has been about 2.4% that is primarily due
to:

      a)    We had revenue from IP and product sale in Q4, which did not happen
            at that proportion in Q1 and that accounts for about 1.5% of our
            margin.

      b)    There has been a reduction in the realization: a) Price that we got
            from the customer, b) Over run in fixed-priced project and
            combination of all these factors which is about 1.6%.

But we have seen a recovery in utilization by about three percent in points of
utilization and therefore it has impacted operating margins favorably by 1.4%.
We have earlier been speaking that we will continue to spend on sales and
marketing expenses and it will be higher this quarter than last quarter and
therefore you have seen in SG&A an increase by 0.4%. So net-net, on all those
four to five accounts that I talked about, there has been a 2.4% decline in the
operating margin. So, as far as rupee dollar is concerned, we have proactively
done hedging and we have been doing it for the past several years now. So this
quarter, that is quarter ending June, we did not have any negative impact. In
fact there was a marginal positive impact. Does that explain, do I answer all
your questions on that?

VIVEK: Because of the fact that customer were viewing BPO as one more service in
the whole line up of services that Wipro Technologies could offer, from a
customer viewpoint it made sense to combine the two. So that was one question,
the second question in terms of pricing and outlook, if you look at the overall
sequential quarter pricing, our pricing fell by 1.4% on onsite and about 2.6%
sequentially on offshore.

If you look at the outlook for this, going forward, what we have is that we are
seeing a reduction in the pressure on pricing. So what we are seeing is that
there is more responsible behavior by our peers in the industry, they are
keeping pricing in check, we are also seeing that existing account pressure in
terms of re-negotiating at lower pricing is coming down, part of that is being
fed by the fact that most of the major companies have already cleared their
benches a while ago. Right now even the easily available manpower pool has
shrunk. So as a result, all of us have to work harder now to recruit the talent
that we need to fulfill our growth pipeline. That is an environment where you
see less pricing pressure. So, I think that as a result, our outlook on pricing
is cautiously optimistic, we do not want to call an end to pricing too quickly
but I do think that we are seeing some signs of stability.

In terms of your question about margins and our outlook on margins, again you
have to go back to the drivers for the margins. The reason why the margins fell
on a quarter-on-quarter basis was pricing, SG&A investments that we were making,
offset by higher utilization, AMS turning in a profit, which is the acquisition
made in January that in the first quarter had a loss but this quarter had a
profit, and also the fact that we had no foreign exchange impact. As we look
forward, we may see attenuation in the pricing that will add to pricing pressure
which is negative.

But we do believe that we can take a harder look at our SG&A cost and make sure
we focus on investments in a much sharper way and as a result, be able to
sustain or even grow our margins with absence of the rupee revaluation impact.
The rupee revaluation is anybody's guess, we have seen wide ranges of estimates,
so we are not going to try and make a guess as to how the rupee will play out,
but I think that holding that aside, we feel that margins should at least be
stable.
<PAGE>
CORRESPONDENT: If there has not been an impact of market sagging, why is it Mr.
Premji referred about prices thrice and also about the caution on the impact of
further rupee appreciation, how do you balance this?

VIVEK: Because this quarter was an aberration, the last two quarters have had a
rupee impact. This quarter we were able to get a very good advantage on our
hedging mechanisms, but as the rupee continues to rise, as it does, then it will
continue to have an impact.

CORRESPONDENT: In terms of overall portfolio considering the R&D and the
enterprise part, What is the big picture, is it just waiting for better days to
make a turn around on the technology and the R&D side or is there a conscious
attempt from the shareholder point of view to shuffle it more in favor of
enterprise, I mean what is the big picture on that?

VIVEK: If you look at the mix of enterprise to technology, once again this
quarter sequentially, we saw enterprise grow as a percentage of our total. It
means that we are being realistic about where the market place is and where we
see the growth is, where you know we are seeing the higher percentage of mix.
Even if you look at the last quarter, we had a 6.5% sequential volume growth and
in the R&D services, it was less than that. So R&D services continue to be a
drag in terms of our overall growth. But we are seeing signs of change in the
technologies, R&D services business as well. Our telecom business, which had
gone through quite a battering over the last two years, grew sequentially 10%
and on a year-on-year basis in the 35% range. So what we saw was that the
telecom business was coming back.

We saw continued pressure on the embedded and product engineering business as we
tended to have some of that growth go more towards the Indian Development
Centers than towards outsourcing providers like us, but we still grew at about a
5% sequential basis. On the telecom service provider side, we had issues of ramp
downs in terms of couple of our customers and actually had a de-growth in the
telecom service provider segment, but all in all if you look at the outlook for
R&D services we are beginning to see some bite or we are beginning to see some
traction in that area, and already the gap and growth rates between technology
and enterprise is now closing.

CORRESPONDENT: Mr. Paul, where is the price recovery you are talking about
coming from, can you throw some light on that? That is one part of the question.
You have not given a forecast or some kind of an outlook for the operating
margins, last question my colleague asked here. So if you can answer that one as
well; and the second part of the question from me is to Mr. Premji, did you
mention something about expanding the Sarjapur facility, what exactly did you
mean, we did not hear what you said sir if you can elaborate on that?

VIVEK: First of all in terms of pricing, I want to make sure that I do not
miscommunicate. I do not want to say that pricing is going to turn up, I am
saying it is not going to drop as much as it has in the past. So the sign again
is, it is a still negative in the short term, but smaller negatives, which in
turn lead to positive at some point in the future, but it is not in the positive
state yet. In terms of margin outlook, we do not really gave margin guidance, so
I cannot be specific in terms of margin guidance except to repeat what I said
earlier, which is absent in the impact of the exchange rate, we feel that the
margins should stabilized if not improve a little bit from here on.
<PAGE>
AZIM PREMJI: On Sarjapur, you know we were the pioneers in opening up this
entire area because we came here about six years back and our presence here
drove the setting up of the roads, drove the acceleration of the ring roads.
What we are finding is that the Sarjapur Road, this whole area of Sarjapur is
getting increasingly bottle necked. The government is just not investing money
to expand it. Power problems continue to be prevalent here. We get increasingly
dependent on generating our own power. So, we would just use this facility for
very marginal expansion of our training centers. We have no plans at this point
of time to use this facility for software development center. We just think this
area is not able to support the traffic requirement, the people requirement of a
software development center, or for that matter of a BPO center. I would urge
the press to be emphasizing this periodically to get the government moving on
this, because you are familiar with what had happened to Electronic City, when
the roads had not been built properly there and the software industry had to
take a morcha to get the government to kick-start some construction work. I
think we are heading for a similar situation at Sarjapur. Multiple accidents are
taking place on this road because of the way the traffic jams are taking place
and it is becoming quite a hazard.

CORRESPONDENT: Mr. Paul, are the new clients coming at above average rates and
if indeed they are, what are your average rates onsite and offshore?

VIVEK: While I answer the question, may be Suresh will dig those numbers out. I
mean, if you look at the new clients on offshore particularly, we have seen new
clients at last quarter had a higher billing rate than the overall average. So,
I think that we are seeing some improvement in that. In terms of the exact
numbers, we will go to Suresh.

SURESH: In case of offshore, they are better than the current rates. In case of
onsite, they are not. Primarily it is because, we have added these two
acquisitions of Wipro Nervewire as well as the one in the Utility Practice.
Therefore it has to be averaged out. So consequently whatever new business you
get, you are primarily in your traditional area, they will not be matching the
rates, which has gone up because of the averaging.

CORRESPONDENT: What are these average rates? Mr. Senapathy I mean we cannot get
an idea about these average unless you tell

SURESH: No, no. I will give you that. Price realization average for offshore was
$3900 and onsite was $9959. Onsite, $9959 USD per month.

CORRESPONDENT: In terms of competitive landscape, especially you know the
pressures from MNC vendors and the local vendors, and overall you know that
customers are rather loosening up their IT spend per se a little bit more, when
compared to the last two quarters. What is the overall scene over there?

VIVEK: Well as you know, let me just take a step back and actually tell you how
we described the quarter that went by because that has relevance to your
question. You know, the quarter that just went by saw steady quarters. We saw
sequential growth of 6.5% in volume. This was the six consecutive quarter in the
volume growth. So, we had talked about volume growth that has been the way into
the recovery and I think we saw that. We have talked about the fact that pricing
would be an issue and we have already discussed the numbers, so we did see
pricing being an issue. We
<PAGE>
had also talked about the fact that we would continue to see acquisitions as a
core driver for our future and also see our ability to continue and manage an
integrated acquisitions group. Wipro Spectramind has already been a success. In
addition we have also had AMS turn positive in terms of margins.

So, we actually had a profitable growth on the Energy and Utility consulting
business that we bought from them. Within that we saw that the R&D services
continued to be a holdback in terms of our growth, and still improving the gap
between that closing. So, I think all in all it was a steady quarter, pretty
much in line with what we expected. Given that, if you look at the comparative
behaviors, I think we are in line with people generally expecting this slow
recovery, first on the volume, then on the pricing, and then on the margins.

So, I think we saw substantial, major comparative actions in terms of moving
pricing in either direction, in terms of the global players coming to India. We
continue to see a lot of articulation of interest, we continue to see them now
competing in more and more offers than they were a quarter ago. I think that we
are beginning to see them compete more and more, competing primarily in their
existing accounts as a way for holding away the onslaught from the Indian IT
service providers. So, it is more focused on providing their offshore service to
their existing customers. I would say that the comparative landscape has not
changed significantly over the past quarter. You know we see the global guys
more often, and the mid-level and the smaller tier companies continue to be
under pressures. So, we see them less and less.

CORRESPONDENT: How about the moves for H1B visa, there is a lot of noise being
made about curtailing or terminating it. Do you see actually how many H1 visas
have been used by your company?

VIVEK: You know first and foremost I would like to remind everybody that United
States is a democracy and in any democracy you definitely hear many voices. If
people outside India listen to every politician speak in India, they might be
aghast and you cannot make out whether we are moving forward or moving
backwards. So, the reality is that in a democracy, many people will express
their opinion. The challenge really is how you make sure that there is no
regulatory action that affects your business, and I think as far as that is
concerned, NASSCOM has done a very good job of taking forward our stands with
the IT Associations in the United States and also with our customer industry
associations in the United States.

And this points out the fact that outsourcing to India helps save these
companies money, makes them more competitive, as a result increases their hiring
power in many areas, and I think that we are getting a fair hearing.
Nevertheless there is a lot of uncertainty right now in the United States as to
what the state of the economy is and I think in a weak economy there might be
some success in even getting a regulatory stopper. So, I think that my three
messages would be, first and foremost, do not worry too much about every
headline you read because it is a democracy. Number 2, that a lot will depend on
the state of the US economy as to whether any regulatory action will be taken or
not, and number 3, NASSCOM and all its member companies are doing all of their
best to make sure that we fore stall any regulatory action.

CORRESPONDENT: Due to the visa issues, do you feel that you will be hiring more
US workers rather than sending Indian workers from here?
<PAGE>
VIVEK: Well, you know as a result of our acquisitions we already have some
growing work force in the United States, in Europe, and I think that we will
continue to expect that to grow. You know our own sense is that just because of
the visa issue, we cannot just replace a US worker with Indian workers because
many of the times when we send people on visas, they are there to do knowledge
acquisition and capture, so that we can take the work offshore. So, sending
somebody else in who does the knowledge acquisition but is not going to come
back to India with the knowledge, it is not going to be meaningful.

So, I do not think there is a one for one replacement, but clearly it has been
our proclaimed goal for many quarters now that we do want to have a diverse
workforce and we will continue to work in that direction.

CORRESPONDENT: Mr. Paul, Is Nervewire profitable, and if not, when is it likely
to be profitable?

VIVEK: Nervewire is not profitable. We have consolidated their results since
May. So, we had a couple of months before the results and in the last quarter it
lost money. It lost money first and foremost because of the retention bonuses
that we pay as a part of any acquisition. We understand that services and
companies are about people and you know it is equally important to pay the
employees or the shareholders to make sure that the transaction goes through
smoothly. The second thing which was perhaps a little bit more disappointing
than our expectations was that Nervewire also had an operating loss and the
reason for that operating loss was that in the wake of the acquisition, a couple
of their customers pushed out some large projects that they were considering. As
a result the revenue did not come in at the level it was expected in the last
two months.

We are pushing pretty hard to get those revenues in the coming quarter or the
quarter after, but this Nervewire acquisition is too early into Wipro to give
you a very clear consistent view on that outlook. We are, however, recognizing
that it is a new piece and separate, we will be reporting it separately on a
segment wise basis quarter after quarter until perhaps next year when it becomes
stable and like we did with other acquisitions, we merge it into Wipro
Technologies segment.

SURESH: Just a supplement for the quarter ending June 2003, we had got an
operating loss of Rs. 105 million on account of Wipro Nervewire and the lost
expectation for the current quarter will be of a similar magnitude. So, we will
take few quarters to make it profitable and it will not be as quickly as that we
did vis-a-vis the Utility business acquisition where March ended quarter was a
loss and quarter ended June it has become profitable.

CORRESPONDENT: What is happening for margin numbers, how do you see it going
forward for the year, because the markets are really quite worried that the
operating margins of technology companies are going down. What is the clear view
as of now?

SURESH: Yeah. At the cost of repeating that, the operating margin has declined
sequentially by about 2.4% from March quarter to June quarter. Some of the
customers have lower rates than we agreed upon, there was in fixed price
projects overrun, and combination of various factors, we have lost about 1.6% in
realization from customers.
<PAGE>
But there is utilization improvement and that has impacted the margins favorably
by about 1.4%. Like we have stated before, SG&A, sales and marketing expenses,
we are continuing to spend on increased head count in the overseas market, brand
promotions and so on. That has increased about 0.4% from Q4 to Q1.

So considering all these four or five factors that I talked about on a
neck-to-neck, there was a decline of about 2.4%. In the quarter ending June, we
had a favorable impact, marginally favorable impact on the rupee exchange versus
dollar. But as you know it has generally been impacting unfavorably to many. We
have had that impact quarter ending March and before, and going forward
expecting the rupee dollar exchange would be adverse. So, as Vivek had mentioned
earlier, the going forward outlook is but for the rupee dollar correction which
is not under our control, we would expect stability, if not improvement in the
operating margin in the IT services, but the same thing equally holds good for
our BPO services too.

CORRESPONDENT: Can you comment on the salary increment as a result of these
acquisitions, since most of these people are coming in at very senior levels?

VIVEK: I think that in terms of the salary increments for the people that we
have obtained through acquisition, we haven't seen any particular unusual salary
increments for them. So, when they come in, you know, if they were on a normal
salary cycle of certain months, may be it got delayed by three months, but they
didn't see any acceleration. So, we were not doling out incremental salary
increases to the people that we were getting through acquisition. In terms of
the Wipro Technologies work force themselves, I think that, you know, we have a
salary increment that we are planning that will probably kick into place on
October 1, but that is something that we are still working through.

CORRESPONDENT: Can we have the expenses figure and the breakups for this
quarter?

SURESH: Well, it is there on the website, we have put the whole Indian and the
US GAAP on the website. I have it here, but why take everybody's time. I think
it is there available and off line we can get you the number.

CORRESPONDENT: You expect us to go to the website and see rather than getting it
here? At least the overall picture? Broadly you can give the figure. I have no
access to website like you have. It takes a whole lot of time to download.

SURESH: I can give you a copy of the accounts if you want. Unless you can
specifically ask any particular area you want, for example, we have Wipro
Limited as a whole in terms of expenditure, Wipro consolidated, Indian GAAP, US
GAAP, and then we have the segment report of Wipro Technologies, Wipro Infotech,
and so on.

CORRESPONDENT: No, if you could say how much you made provision for depreciation
and say the taxation, then we get how much the net income would have made.

SURESH: I guess that is given in the Balance sheet, in the press release, if you
see the last few sheets, last two pages has got the accounts at a broad level
with the notes as well.
<PAGE>
CORRESPONDENT: So, how far has your hedging gone? Actually how much are you
proactively involved in that? What is the forward premium you are taking to
protect against the rupee appreciation? Could you share that?

SURESH: We have today almost about $150 million of dollars hedged forward. It is
not practical for us to be granular on this issue. Also, even if I were to tell
you the rates, it is a function of the forward premiums; forward that I have
taken is up to September, up to December, up to March. So it is not possible for
you to make the comparison versus somebody else's. So unless I give you data on
a fully granular basis it is not meaningful and it is impractical for us to give
you data on a fully granular basis.

CORRESPONDENT: But you are betting on a strong rupee?

SURESH: No, we don't bet on a strong rupee or we don't bet on a weak rupee. We
bet on the fact that we do business and we must assure that the profits we
anticipated from that business are booked to us. So, we don't speculate in
deciding whether the rupee is going to be firm or the rupee is going to be weak.
Whatever hedge instruments are available as per the law, whatever forward
booking is available as per the law, we try to optimize it from the point of
view of risk mitigation. We are not a foreign exchange dealer.

Hedging is not necessarily meaning we are indulging into any speculation,
because any point of time there are dollar exposures, we have specific dollar
exposure, because,

      a.    We have cut out invoices and we are expecting realization of those
            invoices to have taken place.

      b.    We also take contrast for which we will be spending dollars and some
            money would come in the form of dollars, and therefore you need to
            hedge them to make sure that your protection is there to the extent
            possible on mitigating this. So, it is not speculative.

AZIM PREMJI: Can we get on to some other questions now. I think we have talked
enough about foreign exchange. Can we have some more questions?

CORRESPONDENT: Mr. Senapathy, you are looking at more offshore work, does it
mean that your tax incidence will come down?

SENAPATHY: If it is more onsite?

CORRESPONDENT: Offshore, offshore work.

SENAPATHY: Yes, if it is more offshore, of course tax incidence would come down.

CORRESPONDENT: So, could you quantify the kind of tax range possibly you could
have in the coming quarters perhaps?

SENAPATHY: That would mean, I have to give you an estimate of what exactly is
happening line by line, so let's get more specific

CORRESPONDENT: What is your outlook for the onsite offshore mix?
<PAGE>
SENAPATHY: What we are saying is that currently the onsite offshore mix for the
quarter ending June has been almost similar to the quarter ending March. Our
endeavor is to bring it down, enhance the component of offshore. We are working
on it and I think we should be able to see some results in the next few
quarters.

CORRESPONDENT: On the health care vertical of yours, how is it doing in terms of
moving ahead, A) Have you broken even, if you have broken even and going ahead,
how does a particular segment look?

VIVEK: I think it is going through a restructuring. So, sequentially it declined
quarter on quarter in terms of overall revenue. In terms of overall margin, it
is too small to measure just that individual operating margin because there are
too many allocations for it to be meaningful. But, our view on the health care
business is that it represents a big opportunity for us. We continue to invest
in it and we continue to open new accounts, in the last quarter one of the
accounts we opened was to set up a CD image rendering lab for one of the major
hospitals in the United States.

CORRESPONDENT: I think you said that the AMS acquisition had gone off quite
well. Can you spell that out?

VIVEK: May be I can ask Sudip Banerjee who runs our Enterprise Solutions
Business to perhaps just take the mike and talk a little bit about what is going
on in the AMS acquisition. Sudip is our President for Enterprise Solutions
Business.

SUDIP BANERJEE: As you are aware we bought the global energy practice of AMS in
January of this year. The first quarter as was reported, was going through the
integration process and we had the value proposition rolled out in terms of both
the consulting and the listing utilities business. The quarter which has just
gone by, has been a very good quarter for us from the AMS business point of
view. We have grown sequentially significantly above our own expectations in
that part of the business. We have added on new clients both for existing
consulting services which have been offered to our customers who were there in
the E&U business, as well as selling consulting services and offshore services
to other customers which were there, and that came in from the acquisition. In
terms of all the employees, they are fully integrated into the company.

As you are aware, the person who now runs the Energy and Utilities vertical is
from the acquired piece. There are other management changes within and we have
transferred people from our existing Energy and Utilities business in to that
part of the business. Similarly, from the acquired business, we have transferred
some senior people in to other parts of the Wipro Enterprise Organization.

CORRESPONDENT: You talked very strongly about the lack of infrastructure, so
what do you propose to do?

AZIM PREMJI: I will build a base for it, we will do the morcha. You know
otherwise nobody will do anything here.

CORRESPONDENT: No, actually this is a serious issue. You talked about roads and
bottlenecks
<PAGE>
AZIM PREMJI: It is a serious issue. You have come here, so you have realized it.
Haven't you?

CORRESPONDENT: Yeah, it is quite bumpy. But, have you not yet taken up with the
civic authorities, and has there not been any response?

AZIM PREMJI: We have taken it up, without question we have taken it up. And the
way the land is being converted for commercial use and for residential use, I
think traffic will come to a halt here in the next one year or one and a half
year. I mean every nook and corner of the land is being converted and it is
completely choking this area.

CORRESPONDENT:  What is the average power cut that you have, for our details?

AZIM PREMJI: We have frequent power cuts, which is an irritation. So, we have a
lot of senior customers who visit here and in a meeting, which lasts for one
hour you, will you have four power cuts. It is a major embarrassment. At one
stage we show them world class facilities, world class quality, world-class
delivery, and in one-hour meeting you have four times that the power goes off. I
am sure you all experience it at home also.

CORRESPONDENT: So, you feel there have been an unchecked commercial growth and
this is leading to congestion?

AZIM PREMJI:And the systems have not got the capacity to take it.

CORRESPONDENT: Mr. Premji isn't it true that your employees also add to the
traffic?

AZIM PREMJI: Please note that we don't have any software facilities here. So, it
encourages our senior management here to spend more time at our development
centers, which in a way is good.

CORRESPONDENT: Mr. Premji isn't it true that most of the space that has been
taken up by Wipro employees.

AZIM PREMJI: No sir. You know, the fact here is that people like to live closer
to where they work. The total number of employees we have in this facility is
below 400. The total number of employees we have in Electronic City is probably
today above 6500-7000. So, this is a very small part of our operation in terms
of employee density, very small part. Then I wouldn't think that more than 20%
of those 400 employees would be living in this area. So, that is about 80
families.

Thank you very much.



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