Processing .....please wait.. 
The article has been forwarded.... 
MindTree completes restructuring wireless biz
By siliconindia
|
Wednesday, 29 December 2010, 15:54 IST
Bangalore: MindTree, the IT services firm said that it has completed the restructuring process of its wireless products business, at a cost close to $4 million. The restructuring costs will be expensed in the financials for the quarter ending December, it said in a statement.
The company had initiated the transformation of its wholly owned subsidiary MindTree Wireless into a design services business in October this year. The company said no further costs are expected to be incurred in future on the restructuring.
"The restructuring costs were less than the original estimate of $12-14 million announced in October this year. These costs are mainly in the nature of people separation, fees paid to legal advisors, asset write-offs and payments to vendors for cancellation of contracts," it said.