W20008

HCL TECHNOLOGIES INFRASTRUCTURE SERVICES DIVISION: FUEL

FOR GROWTH

Professor Sabyasachi Sinha and Naveen Kumar Malik wrote this case solely to provide material for class discussion. The author does
not intend to illustrate either effective or ineffective handling of a managerial situation. The author may have disguised certain names
and other identifying information to protect confidentiality.

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Copyright © 2020, Ivey Business School Foundation Version: 2020-01-14

During fiscal year 2015–16, the enterprise technology office (ETO) of the infrastructure services division
(ISD) of HCL Technologies Ltd. (HCL) was confronted with a multi-faceted decision. Over the last few
years, HCL had experienced market-leading growth, and HCL ISD contributed approximately 36 per cent
to HCL’s overall revenues (see Exhibit 1).1 HCL ISD had played an instrumental role in building the remote
infrastructure management (RIM) market and growing the overall global business (see Exhibit 2).2 The
ETO was now exploring ways to disrupt the traditional information technology (IT) infrastructure
outsourcing business and drive further growth for the organization. While company fundamentals were
strong, changing client expectations, market scenarios, and external forces were transforming the existing
business environment.3

The ETO had been chartered to bring new technologies and breakthrough solutions into the organization.
Over the years, it had been actively involved in product and technology strategy, partner ecosystems, and
various new initiatives. The ETO exploration team, along with other internal teams, had been instrumental
in developing many intellectual properties and solutions for the organization across domains that had a
multi-million-dollar turnover, and it emerged as a proprietary benchmark for HCL ISD’s global IT
Infrastructure Services delivery.4 While the ETO exploration team members understood the importance of
being relevant to clients and aware of the potential threat of disruption to the existing business, they were
deliberating on a crucial decision that would shape the future—it would affect the company’s growth, its
employees, and other stakeholders. They were working on evaluating various potential paths for disrupting
the existing business and accelerating organization growth. They had successfully narrowed the options
down to a few, and the next step was to choose a final option with which to move forward.

CORPORATE PROFILE AND BACKGROUND

Founded in 1976, HCL was the original “garage set-up” in the Indian IT landscape and was established
around the time when Apple Computers (Apple) came into being. Originally started as a hardware company,
with focus on technology-led innovation and research and development, HCL successfully shipped in-
house-designed microcomputers in 1978—at the same time as Apple. In 1983, HCL indigenously
developed a relational database management system (RDBMS), a networking operating system, and a
client-server architecture at the same time as its global IT peers. Much ahead of its competitors, the HCL–

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Hewlett-Packard Company joint venture developed a UNIX-based multiprocessor in 1991. HCL continued
to focus on entrepreneurial spirit and technology innovation throughout the 1980s and 1990s. With a
focused approach to business operations, HCL was becoming a local IT hardware giant.5,6

In the 1990s, HCL ventured into the software and services business. During this period, HCL also expanded
its business into the United States, Europe, and Asia-Pacific markets. In 1993, HCL ISD gave shape to a new
IT outsourcing model and introduced the concept of RIM (see Exhibit 2). This pioneering initiative paved the
way for access to many new customers and markets. During the following two decades, HCL ISD transformed
itself into a global IT infrastructure services player, growing and strengthening its client base.7

HCL launched its first global delivery centre for British Telecom in 2001. Having been a principal architect
of the RIM model, the HCL ISD division became a multi-billion-dollar business for the company, growing its
contribution to HCL revenues from 11 per cent in 2006 to almost 36 per cent in 2016 (see Exhibit 3).8 The
early 2000s saw HCL foray into global markets through its RIM services as it pioneered the RIM concept.9

Following the 2008 financial crisis, HCL made aggressive investments in sales and marketing, which paid
off, as HCL saw an incremental growth over the next few years. HCL’s revenues steadily grew from
US$3.54 billion10 in 2011 to nearly $6.23 billion by the end of 2016 (see Exhibit 4), and the company’s
market capitalization grew from $4.7 billion in 2011 to almost $16.3 billion by the end of 2016.11

Since its beginning, HCL had revolutionized Indian technology and product innovation, with many world
firsts to its credit: the first 8-bit microprocessor-based computer in 1978; the first RDBMS in 1983; the first
client-server architecture in 1984; and the first fine-grained multiprocessor UNIX installation in 1989.12
After playing a pivotal role in putting India on the global technology map, HCL diversified and forayed
into health care—an area of paramount national importance—in 2014. HCL Healthcare aspired to be the
nation’s leading health care company by providing innovative medical services, products, and training to
meet the growing demand for quality health care.13

In 2015, HCL Technologies was a multi-billion-dollar enterprise with about 120,000 employees, operating
across more than 30 countries and serving various business lines including application, business,
engineering, and infrastructure management services.14 HCL ISD also saw unprecedented growth over the
years and continuously exceeded market expectations on revenue and growth numbers. It had an increased
focus on gaining new business and customers.

BUSINESS SCENARIO

By 2015, global markets were entering an uncertain future. The 2015 edition of the Global Information
Technology Report suggested that many economies around the globe, including advanced economies, were
struggling with economic growth and were facing unemployment and other fiscal challenges.15 Businesses
were facing growth challenges, and the business landscape was changing due to new age technologies, such
as digital and the Internet of things (IoT), which were further driving changes in organizations as well as
expectations from technology. It was forecast that by the end of 2017, two-thirds of chief executive officers
of Forbes’s Global 2000 companies would have digital transformation at the centre of their corporate
strategy. By 2018, at least half of IT spending would be based on cloud computing, reaching 60 per cent of
all IT infrastructure and 60 to 70 per cent of all software, services, and technology spending by 2020.16

Regional challenges were also emerging and increasing—Europe was trying to overcome unemployment
and stimulate economic growth, the United States was dealing with growing inequality, and Asia was

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struggling with structural economic reforms.17 Existing businesses were facing pressures of cost reduction
and margin erosion. Clients were expecting service providers to bring new ideas and thought leadership
with their services and to contribute toward business growth.18 Clients wanted service providers to deliver
innovation that could help increase and drive business. All of this was leading to a business environment
characterized by increased competition and the disruption of existing business (see Exhibit 5).

As part of its long-term strategic engagement and services, HCL ISD was involved in maintaining and
transforming its clients’ IT infrastructure landscape. The scope covered aspects related to setting up and
maintaining IT infrastructure including data centres, networks, security, and end-user computing services
(see Exhibit 6). Clients expected service providers to increase their involvement in transforming client
businesses and to bring in innovations and technologies that would help clients renew customer engagement
and improve processes. While HCL ISD had been delivering exceptional services within the current scope,
clients were also expecting it to bring new ideas to existing engagements. At the same time, some clients
believed that outsourcing could only help them achieve things to a certain extent, after which they would
need to take internal control.19

Creating a market buzz through its efforts in innovation and emerging technologies, HCL’s competition
was either investing in or partnering with technology start-up firms for future growth (see Exhibit 7).20 In
2016, Gartner Inc. published an analysis on HCL ISD’s strengths, weaknesses, opportunities, and threats
that listed the emergence of new competitors.21

KEY COMPETITORS

Within the Indian outsourcing provider space, HCL ISD primarily competed with three Indian IT service
providers—Tata Consultancy Services Limited (TCS), Wipro Limited (Wipro), and Infosys Limited (Infosys).

Tata Consultancy Services Limited

TCS was an IT services, consulting, and business solutions provider that enabled business, technology, and
engineering services for its clients. In addition to providing IT infrastructure outsourcing services, TCS
operated in verticals, such as banking, financial services, and insurance; retail and consumer business;
communication, media, and technology; manufacturing; and others (e.g., life sciences and health care,
energy, resources, and utilities). TCS’s primary operating locations were North America, Latin America,
the United Kingdom, Continental Europe, the Asia-Pacific region, India, the Middle East, and Africa.22

In 2006, TCS launched its Co-Innovation Network (COIN). COIN was a collaborative effort between TCS
and its partners, including venture capitalists (VCs), start-ups, academic institutions, and innovation labs. TCS
offered an integrated portfolio of technology services in a consulting-led approach that addressed distinct
client needs. TCS operated using a unique global network delivery model spanning 40 global locations.23

In 2015, TCS’s COIN and Microsoft Accelerator in India announced a joint initiative to build a platform
for boosting the Indian start-up ecosystem. Under this platform, an opportunity was created to engage with
start-ups to support commercialization of their ideas and prototypes. The announcement was made at
ThinkNEXT Summer 2016, Microsoft Accelerator’s flagship forum, which brought together thought
leaders in technology who were driving transformation via innovation.24

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Wipro Limited

Wipro was a global IT, consulting, and business-process services company with more than 160,000
employees across six continents. It had an active client base of 1,248 companies, with existing customers
contributing 98.6 per cent of its revenue. The company had over 2,000 patents registered.25

Wipro’s business strategy and go-to-market model were transforming due to forces led by digital
transformation, the consumerization of technology, industry platform disruptions, and competition from
technology start-up companies. Wipro’s strategy was to help clients navigate to a digital future and add
efficiencies in their operations by offering an integrated portfolio of services.26 The company’s IT services
offerings covered areas such as digital, modern application services, cloud and infrastructure services
(formerly referred to as global infrastructure services), product engineering services, data analytics and
artificial intelligence (AI), and business-process services. In 2015, Wipro announced that it was going to
open a technology innovation centre in Mountain View, California, by the end of December, as it sought to
build products on automation and AI technologies in partnership with innovative start-ups nested in the Bay
Area, thereby strengthening its offerings to clients when competing for large outsourcing orders.27

Infosys Limited

Infosys was an IT services provider that offered business consulting, IT, and outsourcing services. Infosys
used a three-pronged strategy to strengthen its relevance to clients and drive value: (1) the use of AI and
automation in existing and new services; (2) a focus on and investing in emerging technologies; and (3) re-
skilling employees to increase their value.

Infosys was a prominent player in digital transformation and was involved in delivering consulting,
business, technology, and business-process management services to its clients. Infosys’s product Finacle
was a popular retail and corporate backing solution. Other key products and solutions from Infosys included
Nia, its next-generation integration AI platform (formerly known as Mana), the Infosys Information
Platform, Panaya’s cloud suite, and Skava Commerce.28

Infosys had a dedicated innovation fund to identify, evangelize, and invest in next-generation technologies.
This fund identified early-stage innovative start-ups in the areas of AI, machine learning, big data and
analytics, technology infrastructure, cloud computing, and security. Infosys formed this fund in 2013 with
$100 million, and in 2015, it expanded the fund to $500 million. The objective was to play a larger role in
the global and Indian start-up ecosystem. Later, it created a $250 million Innovate in India Fund as part of
the innovation fund, which was dedicated investing in promising new Indian companies as strategic
partners. Infosys also launched a start-up incubator and announced a $2 million investment in Airviz, a
personal air-quality monitoring start-up from Carnegie Mellon University.29

DEVELOPMENTS IN THE GLOBAL START-UP ECOSYSTEM

By 2015, new developments and disruptions were happening across the globe under the banner of innovation.
The start-up ecosystem, VCs, and private equity (PE) markets were buzzing with action. Technology
evangelism was at its peak, and exploration was happening in various shapes and forms. The start-up
ecosystem, along with corporate ventures, VCs, and PE firms, had been flourishing in different parts of the
world over the past 10 to 15 years. Prominent locations for this ecosystem included the San Francisco Bay
Area and New York in the United States, London in the United Kingdom, and Singapore and Hong Kong in
the Asia-Pacific region. Other small pockets of this ecosystem were expanding rapidly, including Israel,

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Europe (Sweden, Finland, Denmark, the Netherlands), India, Germany, and Australia. Other metro hubs were
also emerging as investment destinations, including New York, Los Angeles, and Beijing.30

Corporate venturing activity was reaching new heights, as global corporate venturing capital investments
grew from $9.9 billion in 2013 with 989 deals to $26.5 billion in 2016 with 1,501 deals. 31 By the end of
2016, venture capital investments in US start-ups reached approximately $13 billion with 1,264 deals.

Sources to Scout for Start-Ups

Corporate entrepreneurship teams (CETs) used various methods to find and locate start-ups. These methods
led to engagement through intermediaries or to direct engagement with start-ups. At the same time, these
start-ups were operating across the globe. A CET had a defined objective in terms of area of expertise and
location where they wanted to explore start-ups. Some of the prominent methods used to scout for start-ups
included the following:

Connecting through VCs and PE Firms: VCs and PE firms had direct investments in technology start-ups.
Thus, investments and networking with venture capital or PE firms ensured accelerated engagements with
the start-ups.

Direct Scouting: CETs also directly scouted for start-ups. Searching began with a predefined technology
access objective and target. There were multiple sources to search for start-ups—industry-sponsored start-
up and innovation events, various start-up portals, and start-up data on industry forums like the National
Association of Software and Services Companies’ 10000 Startups program.32

External Leads: At times, leads were generated through external partners, customers, or senior management.
These introductions also helped in finding and establishing connections with relevant start-ups.

Innovation Days: These were open events, which depended more on marketing and reach for start-up
participation. These events were typically open for participation to a broader start-up community and had
qualifying criteria for participation.

VCs and Corporate Partnerships

In a corporate entrepreneurship environment, the CET was the face of the organization while partnering
with VCs. The CET’s objective was to explore the venture capital portfolio for funding start-ups.
Relationships with VCs existed in various forms, from a simple collaboration-based partnership to more
strategic partnerships wherein the organization made a strategic investment in one of the venture capital
funds. Typically, these relationships were based on mutual strategic dependencies.

While the CET was interested in the portfolio that the VC possessed, the VC was interested in exploring
avenues and opening new doors for business for its portfolio companies. From the perspective of potential
business, a large company with a large number of customers was very lucrative to a VC’s portfolio of
companies. These relationships were managed by regular in-person and remote meetings that were used to
agree, track, and report various business aspects.

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THE TASK AHEAD FOR THE ETO

The ETO was aware of these developments. HCL’s classic IT infrastructure business had performed well
in the past; however, it was difficult to sustain growth in this business in the future. The ETO was looking
at ways to disrupt the existing business through an innovation ecosystem strategy in order to carve out
something that could enable continued future growth for HCL ISD. Various options for corporate
entrepreneurship and venturing were being explored, including aspects such as inorganic growth through
mergers and acquisitions, strategic investments in selected technology start-up companies or VCs, strategic
partnerships with selected players, building capabilities organically through internal investments, and re-
skilling existing employees.

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EXHIBIT 1: SEGMENT REVENUE (US$ MILLIONS)

The Group derives its revenue from three segments: software services, IT infrastructure services, and
business-process outsourcing services.

March 31, June 30, June 30, June 30, June 30,
2016 2015 2014 2013 2012
(nine (12 (12 (12 (12
Particulars months)* months) months) months) months)
Software services 2,750 3,562 3,203 3,093 2,921
IT infrastructure services 1,670 2,060 1,796 1,371 1,008
Business-process outsourcing services 222 272 225 196 189
Total revenue 4,642 5,894 5,224 4,660 4,118

Note: All values have been rounded off to the nearest integer value; IT = information technology; *FY 2015–16 is for nine months
due to a change in the financial year ending for the company (financial year cycle change): July 1, 2015, to March 31, 2016.
Source: Created by the case author using HCL Technologies, Annual Report 2015–16, August 2016, accessed May 10, 2019,
www.hcltech.com/sites/default/files/annual_report2015-2016.pdf; HCL Technologies, Annual Report 2013–14, October 2014,
accessed May 10, 2019, www.hcltech.com/sites/default/files/annual_report_2013-14_0.pdf; HCL Technologies, Annual
Report 2012–13, October 2013, accessed May 10, 2019, www.hcltech.com/sites/default/files/annual_report_2012-13.pdf.

EXHIBIT 2: KEY DEFINITIONS

Remote infrastructure management (RIM) manages IT infrastructure remotely,

Remote infrastructure
management
Global delivery centre
Technology evangelism
from a location far from where the IT infrastructure is stationed. Major services that
are part of RIM include managing the following:
Data centre services: server, storage, operating systems, cloud, etc.
Workplace services: desktops, laptops, mobile technologies
Network services: local area network, wide area network, etc.
Helpdesk/Service desk: voice and text support
Security services: antivirus, firewall, etc.
Applications: IT and non-IT
Other IT infrastructure management services
A global delivery centre is the office or location from where services are delivered
to global clients. The centre is connected to global locations through the Internet
and typically serves clients 24-7. Having a global delivery centre ensures low-cost
and efficient operations. Typically, centres are located in areas where there is an
abundance of local talent.
Technology evangelism refers to people exploring, promoting, and supporting
selected new age technologies. A technology evangelist is involved in taking this
cause forward through talks, events, presentations, and other promotion-related
activities.

Note: IT = information technology.

Source: Created by the case author using internal company archived documents and industry experience.

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EXHIBIT 3: PROFIT AND LOSS STATEMENT (US$ MILLIONS)

March 31, June 30, June 30,

June 30, June 30,
2016 2013 2012
2015 2014
(nine (12 (12
(12 months) (12 months)
Particulars months)* months) months)
Revenue from operations 4,642 5,894 5,224 4,660 4,118
Total revenue from operations 4,642 5,894 5,224 4,660 4,118
Purchase of traded goods 123 210 167 175 121
Change in inventories of traded goods −17 −6
Employee benefit expense 2,276 2,847 2,423 2,291 2,195
Other expenses 1,273 1,483 1,328 1,163 1,071
Depreciation and amortization
60 65 111 116 109
expense
Total expenditure 3,715 4,598 4,029 3,745 3,496
Profit before finance costs, other
927 1,296 1,195 916 622
income, and tax
Finance costs 11 15 19 19 28
Other income 135 183 110 64 41
Profit before tax 1,051 1,465 1,287 960 635
Provision for tax 206 292 229 223 155
Share of profit of associates 8 6 3 0 −1
Minority interest −3 −4 −3 −1 0
Profit after tax 851 1,175 1,058 736 479

Note: *FY 2015–16 is for nine months due to a change in the financial year ending for the company (financial year cycle
change): July 1, 2015, to March 31, 2016.
Source: Created by the case author using HCL Technologies, Annual Report 2015–16, August 2016, accessed May 10, 2019,
www.hcltech.com/sites/default/files/annual_report2015-2016.pdf; HCL Technologies, Annual Report 2013–14, October 2014,
accessed May 10, 2019, www.hcltech.com/sites/default/files/annual_report_2013-14_0.pdf; HCL Technologies, Annual
Report 2012–13, October 2013, accessed May 10, 2019, www.hcltech.com/sites/default/files/annual_report_2012-13.pdf.

EXHIBIT 4: BREAKDOWN OF REVENUES BY GEOGRAPHY (US$ MILLIONS)

March 31, 2016 June 30, 2015 June 30, 2014 June 30, 2013 June 30, 2012
Location (nine months)* (12 months) (12 months) (12 months) (12 months)
United States 2,703 3,234 2,740 2,696 2,222
Europe 1,238 1,616 1,505 1237 1,093
India 144 235 242 196 188
Rest of the world 556 809 738 531 615
Total revenue 4,642 5,894 5,224 4,660 4,118

Note: *FY 2015–16 is for nine months due to a change in the financial year ending for the company (financial year cycle
change): July 1, 2015, to March 31, 2016.
Source: Created by the case author using HCL Technologies, Annual Report 2015–16, August 2016, accessed May 10, 2019,
www.hcltech.com/sites/default/files/annual_report2015-2016.pdf; HCL Technologies, Annual Report 2013–14, October 2014,
accessed May 10, 2019, www.hcltech.com/sites/default/files/annual_report_2013-14_0.pdf; HCL Technologies, Annual
Report 2012–13, October 2013, accessed May 10, 2019, www.hcltech.com/sites/default/files/annual_report_2012-13.pdf.

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EXHIBIT 5: GARTNER TECHNOLOGY TRENDS 2012–2016

2012 2013 2014 2015 2016

Mobile device
Media tablets Mobile devices Computing
diversity and The device mesh
and beyond battles everywhere
management*
Mobile-centric
Mobile apps and Mobile apps and Risk-based security Ambient user
apps and
HTML5* applications* and self-protection experience
interfaces
Contextual and
The Internet of Internet of things
social user Personal cloud Internet of things*
everything* platforms*
experience
Advanced, pervasive,
Internet of Hybrid cloud and IT Information of
Internet of things and invisible
things* as service broker* everything
analytics
Hybrid IT and
App stores and Cloud/Client Advanced
cloud Context-rich systems
market places architecture* machine learning
computing*
Autonomous
Next-generation Strategic big The era of personal Cloud/Client
agents and
analytics data* cloud* computing*
things
Software-defined
Actionable Software-defined Adaptive security
Big data applications and
analytics* anything architecture
infrastructure*
Mainstream in- Advanced
In-memory
memory Web-scale IT Web-scale IT* system
computing
computing* architecture
Mesh app and
Extreme low- Integrated
Smart machines Smart machines* service
energy servers ecosystems
architecture
Enterprise app 3-D printing
Cloud computing 3-D printing 3-D printing*
stores* materials*

Notes: apps = applications; *Trends continued from last year (similar or incremental); IT = information technology.
Source: Created by the case author using Team YS, “Top 10 Strategic Technology Trends for 2014,” YourStory, October 10,
2013, accessed May 10, 2019, https://yourstory.com/2013/10/top-10-strategic-technology-trends-for-2014; Andrew Spender,
“Gartner’s Top 10 Strategic Technology Trends for 2015,” Smarter with Gartner (blog), February 18, 2015, accessed May 10,
2019, www.gartner.com/smarterwithgartner/gartners-top-10-strategic-technology-trends-for-2015/; Gartner Inc., “Gartner
Identifies the Top 10 Strategic Technology Trends for 2016,” press release, October 6, 2015, accessed May 10, 2019,
www.gartner.com/en/newsroom/press-releases/2015-10-06-gartner-identifies-the-top-10-strategic-technology-trends-for-
2016.

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EXHIBIT 6: HCL TECHNOLOGIES LTD. BUSINESS AND IT STRATEGY—PAST AND FUTURE

HCL—Business and IT Services Strategic Play

Digitalization Next-Generation ITO IoT

2016–2020

Business Model DRYiCE (Third-

Generation Automation Consumer HCL
Transformation & Industrial
Platform)
Outcome-Based IoT Strategic
Models Front Office to Back Play
Office Lean and Agile IT
Smart
Machine
Customer Experience Integrated Services Solutions

Business Process
2010–2015 ITO: Integrated Applications and Infrastructure
Outsourcing

DevOps Automation Voice Business Services

Output-Based
Models

Application Infrastructure Business Process

2005–2010 Outsourcing Outsourcing
Remote Outsourcing

Infrastructure Voice-Based
Effort-Based Offshore ADM Management (RIM)
SLAs

Note: IT = information technology; SLAs = Service Level Agreements; RIM = Remote Infrastructure Management; ITO
=Information Technology Outsourcing; IoT = Internet of things; ADM =Application Development and Maintenance].
Source: Created by the case author using HCL Technologies, Investor Presentation | First Quarter FY’16, accessed May 10,
2019, www.hcltech.com/sites/default/files/hcl_investor_presentation_-_sep15.pdf.

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EXHIBIT 7: COMPETITION REVENUE PROFILES—FISCAL YEAR 2016 (US$ MILLIONS)

Tata Consultancy
Services Limited Wipro Limited Infosys Limited
$15,510 revenue from $7,371 revenue from $8,914 revenue from
Revenue
operations operations operations
details
350K+ employees 172,912 employees 1,94,044 employees
Banking, financial, and
Banking, financial, and
insurance—40.65% Financial services—$ 2,944
Insurance—$1,854
($6,304)
Manufacturing and high-
Manufacturing and high-
Telecom, media, and tech—$2,078
tech—$1,315
entertainment—10.91%
(1$,692) Energy, utilities,
Revenue Health care and life
communications, and
profile by sciences—$847
Retail and CPG—14.06% services—$1,717
Industry
($2,180)
RCTG—$1,078
Retail, CPG, and logistics—
Manufacturing—10.04% $1,488
Energy, natural resources,
($1,557)
and utilities—$1,027
Life sciences, health care,
Others—24.34% and insurance—$686
Media and telecom—$937
($3,775)
Americas—50.40%
Americas – 55.30% Europe—24.30% North America—$5,587
Revenue by Europe – 26.80% APAC and OEM—10.70% Europe—$2,052
geography India – 6.20% India and Middle East— India—$232
Others – 11.80% 10.30% Rest of the world—$1,043
Others—4.30%

Notes: CPG =Consumer Packaged Goods; RCTG =Retail, Consumer Goods, Transportation & Government; APAC =Asia
Pacific; OEM =Other Emerging Markets.
Source: Created by the case author using Tata Consultancy Services, Annual Report 2015-16, accessed May 10, 2019,
www.tcs.com/content/dam/tcs/investor-relations/financial-statements/2015-16/ar/TCS%20Annual%20Report%202015-
2016.pdf; Wipro Limited, 2015–2016 Annual Report, accessed May 10, 2019,
www.wipro.com/content/dam/nexus/en/investor/annual-reports/2015-2016/11052-Wipro-Annual-Report-2016.pdf; Infosys
Limited, Annual Report 2015–16, accessed May 10, 2019, www.infosys.com/investors/reports-filings/annual-
report/annual/Documents/infosys-AR-16.pdf.

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ENDNOTES
1
HCL Technologies, Annual Report 2015–16, accessed May 10, 2019, www.hcltech.com/sites/default/files/annual_report2015-2016.pdf.
2
HCL Technologies, Third Quarter FY’16 Results, accessed May 10, 2019, www.hcltech.com/sites/default/files/hcl_tech_q3_2016
_investor_release_0_1.pdf.
3
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“About Us,” Wipro, op. cit.; “Wipro Launches Silicon Valley Innovation Center in Mountain View,” Wipro, accessed May 10, 2019,
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“About Us,” Infosys, accessed May 10, 2019, www.infosys.com/about/pages/index.aspx; Infosys Limited, Annual Report 2015–16,
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Ibid; Infosys, op. cit.; BS Reporters, op. cit.
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“What We Do,” NASSCOM, accessed May 10, 2019, www.nasscom.in/about-us/what-we-do; 10000 Start-Ups (home page),
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