Xerox India, based in

Gurgaon Gurgaon (pronunciation: �ʊɽɡãːw, officially named Gurugram (pronunciation: �ʊɾʊɡɾaːm, is a city located in the northern Indian state of Haryana. It is situated near the Delhi–Haryana border, about southwest of the nationa ...

India India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the seventh-largest country by area, the second-most populous country, and the most populous democracy in the world. Bounded by the Indian Ocean on the so ...

, is the Indian subsidiary of

Xerox Corporation Xerox Holdings Corporation (; also known simply as Xerox) is an American corporation that sells print and digital document products and services in more than 160 countries. Xerox is headquartered in Norwalk, Connecticut (having moved from Stam ...

, the American printer, photocopier, document supplies, technology & services company. Originally Modi Xerox, the business was derived from a joint venture formed between

Dr Bhupendra Kumar Modi Bhupendra Kumar Modi (born 2 January 1949), known informally as Dr. M, is an Indian-born Singaporean businessman, social entrepreneur, and philanthropist. He is the founder-chairman of Smart Group of companies, the founder of the Global Citi ...

aka Dr. M through

ModiCorp DigiSpice (aka Spice Global) was an Indian conglomerate headquartered in Singapore. The company operates in the sectors of telecom, finance, entertainment and technology. They operate internationally in Los Angeles, New York, Kuala Lumpur, Lon ...

(now Spice Group) and

Rank Xerox Rank is the relative position, value, worth, complexity, power, importance, authority, level, etc. of a person or object within a ranking, such as: Level or position in a hierarchical organization * Academic rank * Diplomatic rank * Hierarchy * H ...

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 partnerships 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 The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market ...

, Xerox Corporation disclosed that Xerox ModiCorp had made "improper payments" to government officials and fictitious firms. 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. After all these activities Modi Xerox closed its factory in Rampur. According to the Economic Times, 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.

References

External links

Official Xerox homepageFinancial Express: "New reality bites BK Modi"

Companies based in Gurgaon Electronics companies of India Indian subsidiaries of foreign companies Companies established in 1983 Modi Enterprises 1983 establishments in Haryana {{India-company-stub

Financial Irregularities

See also

References

External links