Xerox India
Encyclopedia : X : XE : XER : Xerox India
Xerox India is the Indian subsidiary of Xerox Corporation, the printer, photocopier, document supplies, technology & services company.
Originally Modi Xerox, the business was derived from a joint venture formed between Dr Bhupendra Kumar Modi through ModiCorp (now SpiceCorp) and Rank Xerox in September 1983. The share structure was 40% ModiCorp, 40% Rank Xerox and 20% private shareholders. It built upon an earlier co-operation, Indian Xerographic Systems, formed in 1982. Other parternships included Modi Xerox Software Systems, created in 1995 and Modi Xerox Financial Services.
Rank Xerox was absorbed into Xerox Corporation in 1997 and Xerox obtained a majority stake in Modi Xerox in 1999. After obtaining majority ownership of Modi Xerox, it was renamed Xerox ModiCorp and the software and financial services operations were incorporated into the main business.
Financial Irregularities
In July 2002, during a troubled period for Xerox Corporation after allegations of accounting irregularities by the U.S. Securities and Exchange Commission [link], Xerox Corporation disclosed that Xerox ModiCorp had made "improper payments" to government officials [link] and fictitious firms [link]. A government probe later found Xerox Modi Corp had violated certain corruption laws and in May 2005 it was reported that action would be taken against the company. At this time Xerox ModiCorp announced its name change to Xerox India. [link] [link].According to the Economic Times [link], Xerox Corporation owned 86% of Xerox India in March 2005 and is seeking 100% control. The remaining shares are held by Modi Rubber and private stakeholders.
See also
External links
- [Official Xerox homepage]
- [Modi Group]
- [Financial Express: "New reality bites BK Modi"]
- [Business World Article (1999) "B.K. Modi's empire is coming apart at the seams, as partners opt out"]
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