OKI and Wipro Form Strategic Partnership for Semiconductor Design Services

Oki Electric Industry Co., Ltd. (TOKYO:6703) and Wipro Technologies, the global IT services arm of Wipro Limited (NYSE:WIT) today announced their strategic partnership in the area of design services for the semiconductor market. As part of this partnership, Wipro has signed a definitive agreement to acquire Oki Techno Centre Singapore Pte. Ltd.(OTCS) including its own Intellectual Property Rights in an all cash deal over a period of one year. Wipro will also establish a dedicated Development Centre for OKI. OTCS is a wholly owned subsidiary of OKI focused on wireless design and has demonstrated innovative capabilities in RF (Radio Frequency) and baseband design. OTCS is a 40 member center with SGD 8.8 M as the revenues of the fiscal year ended March 31st, 2007. The company has key customers in Japan in product engineering space. The development center set up by Wipro will enable OKI to utilize design resource efficiently and enhance product development capabilities. This will enable OKI to expand its semiconductor business and increase its competitive edge in designing semiconductor products in the global market. "OKI has been enhancing its design and development skills to respond to more complex and sophisticated LSIs. We have been looking for a global partner to improve our efficiency in semiconductor design through outsourcing, as we focus on improving our core designing capabilities,” said Masahiko Morioka, President of Silicon Solutions Company at Oki Electric Industry. "The capability at Wipro will enable OKI to provide high-quality technologies and products to its customers in a timely manner.” Wipro is a leading solutions provider in the semiconductor design services space and has been strengthening its presence by complementing its digital expertise with analog and RF skills. Wipro’s NewLogic acquisition in 2005 strengthened its position in the area of wireless designs in CMOS RF and IPs. The acquisition of OTCS further strengthens our capabilities in RF and baseband design and gives deeper domain strengths in the area of DTV standards, WiMedia UWB, RFID and Wireless LAN 802.11 technology areas. "The wireless communication IC marketplace today is demanding integrated SoC solutions requiring expertise in digital and RF domain. The acquisition of OTCS is a significant step in our plans to strengthen the leadership in design services in the RF and baseband technology space. The acquisition also provides a solid base for addressing the large market in Japan and East Asia,” said Ramesh Emani, President, Telecom and Product Engineering Solutions Division, Wipro Technologies. Commenting on the acquisition, Sudip Nandy, Wipro’s Chief Strategy Officer said, "Wipro sees this transaction as a strategic fitment in building niche competencies which would enhance our presence among technology companies in Japan. As part of this acquisition, we will also set up a dedicated Development Centre for OKI.” The entire transaction is expected to be closed during the next one month. The closing of the transaction is subject to customary closing conditions and regulatory approvals. 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). About Oki Electric Industry Co., Ltd. Founded in 1881, Oki Electric Industry Co., Ltd. is Japan's first telecommunications manufacturer, with its headquarters in Tokyo, Japan. OKI provides top-quality products, technologies and solutions to its customers through its info-telecom system business, semiconductor business and printer business. All three businesses function as a collective force to create exciting new products and technologies that satisfy a spectrum of customer needs in various markets. Visit OKI's global web site at http://www.oki.com/. Notes: Names of companies and products are trademarks or registered trademarks of the respective companies and organizations. 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.