Cloudsocius DMCC - Dubai, a step-down subsidiary of Wipro Ltd, has announced its voluntary dissolution. Wipro, upon receiving official confirmation of this decision from the Dubai Multi Commodities Centre (DMCC) Authority, announced the same on Thursday in a regulatory filing.
“Cloudsocius DMCC has been voluntarily dissolved and the company received confirmation of the aforesaid dissolution from the DMCC Authority on September 19, 2024. The transaction has been undertaken to rationalise and consolidate the overall group structure,” the company’s statement read.
As per Cloudsocius’s financial statement for the year ended January 31, 2021, it was a wholly-owned subsidiary of the UK-based WEARE 4C UK Ltd, the parent company, with Wipro being the ultimate holding company. The company provided IT consultancies and infrastructure, computer system consultancies, internet consultancies and content, and software houses.
During FY23, the company’s net liabilities were AED 10,027,579, up from last fiscal’s AED 8,450,779. However, it earned a turnover of AED 5,641,533 during the period, compared to AED 11,390,093 in the previous fiscal. As of March 31, 2024, its net worth was AED 622,189.94.
Wipro did not respond by the time of going to press.