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, is the Indian subsidiary of
Xerox Corporation, 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 aka
Dr. M through
ModiCorp (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, 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.
See also
*
Xerox
*
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 ...
*
Fuji Xerox
References
External links
Official Xerox homepageFinancial Express: "New reality bites BK Modi"
India
Companies based in Gurgaon
Electronics companies of India
Indian subsidiaries of foreign companies
Companies established in 1983
Modi Enterprises
1983 establishments in Haryana
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