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ShareBangalore: Wipro Ltd has worked out an "amicable settlement" with the 60 employees of NewLogic Technologies working on semiconductor intellectual properties (IPs) at Sophia Antipolis research facility in France.
India's third largest information technology services company, which is looking to fold up its IP business in France, has offered a range of options in the severance package including use of the facility by employees for IP development, cash compensation, redeployment within Wipro or extended leave for scouting a job.
"We have come to amicable settlement (with the 60 workers). We have given them lots of options. These include cash compensation, extended leave to look for jobs outside or option to work on IPs at our facility for a year. They can use our IP, space and equipment for one year free of cost," said Girish Paranje, joint chief executive officer of Wipro Ltd.
"These steps have been well accepted and everybody is finally satisfied."
The executive said that eventually the semiconductor IP facility could be shut down even as the company would continue to operate its service delivery centre at the French location.
Paranjpe said Wipro does not want to continue its IP business because of "imbalance in demand and supply."
"We can't continue the IP business because the demand has shrunk and the number of players in the segment has gone up," he said.
The Sophia Antipolis facility was part of Wipro's acquisition of NewLogic Technologies in 2005.
