AS/Nexia Türkiye signs a collaboration agreement with Wipro in Turkey

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To jointly address the energy industy in Turkey through a new energy consultancy and risk management company

Date, Place: 14.07.2010, Wednesday, Istanbul:  The managing partners of AS / Nexia Turkey, including Dutch partner Kasper Walet and executives of Wipro Technologies, the global IT services business of Wipro Limited(NYSE:WIT) signed a collaboration agreement to jointly address the energy industry in Turkey.

AS/Nexia has formed a new company in order to provide consultancy services for companies operating in the generation, distribution, wholesale and retail segments of the Turkish energy market, which will work in collaboration with Wipro Technologies. The name of the company is determined to be ETRM Energy Consultancy and Risk Management Corp.

Through ETRM, AS/Nexia Turkey in collaboration with Wipro will provide integrated solutions to energy companies in the building of organizational structures and new strategies; and will establish the necessary technological infrastructure required by these new structures and strategies.

In the press meeting organized for the announcement of the collaboration between AS/Nexia Turkey and Wipro and the introduction of ETRM as a result of this collaboration, Wipro Technologies Vice President & Global Head Utilities Mr. Arun Krishnamurthi and Vice President & Chief Technologist, Energy and Utilities, Mr. Subbi Lakshmanan informed the media about the services to be offered in Turkey.

Managing partner of the ETRM, Murat Kutlutürk, stated that the Turkish energy market is the most popular energy market in the world, and added that “We founded the ETRM in order to assist energy companies in their investment strategies during and after

the privatization of utilities”.

Regarding the privatizations in the energy sector, Kutlutürk stated that, “After the liberalization process was initiated in 2001 and significantly after 2004, public companies’ role in the energy industry in terms of asset sizes and operations began to diminish. One of the most important problems in these privatizations, which have been made in order to create efficient markets and thus to provide public with cheap energy in a consistent manner, arises from the fact that the level of investments in these public assets are very low. The goal of the private sector is to turn their highly paid investments into profits. Thus, we will involve in the implementation of their business plans and help them in turning their organizations into profit-making units by re-setting their systems on the basis of efficiency.” He also has emphasized that “Especially electricity markets differ from other energy markets in terms of high level of volatility in prices due to the fact that all trading activities should be cleared daily in order to stabilize the market every day.” In this context, he added that: “With our new company, ETRM, we aim to shorten the learning and adaptation processes of the companies in this volatile transition period”.

“Wipro is excited to be partnering with AS/Nexia to address the energy industry in Turkey” said Mr. Arun Krishnamurthi, Vice President & Global Head Utilities, Wipro Technologies. “Having years of integration experience and multiple engagements across the energy and utilities industry, Wipro can enhance customer centricity and enable competitiveness in the deregulated Turkish Energy and utilities Market.”