Xerox India
Encyclopedia
Gurgaon
Gurgaon is the second largest city in the Indian state of Haryana. Gurgaon is the industrial and financial center of Haryana. It is located 30 km south of national capital New Delhi, about 10 kilometers from Dwarka Sub City and 268 km south of Chandigarh, the state capital...
, India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
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 through ModiCorp (now Spice Group
Spice Group
Spice is an umbrella brand of Indian conglomerate B.K. Modi Group. The group has diversified interest in telecom, real estate, retail and BPO. The group is headed by Dr. Bhupendra Kumar Modi.- Companies owned by Spice Group :* Spice Mobility* Spice Hotspot...
) and Rank Xerox
Rank Xerox
Rank Xerox was formed in 1956 as a joint venture between the Xerox Corporation of U.S. and the Rank Organisation of UK, to manufacture and market Xerox equipment initially in Europe and later in Africa and Asia...
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, 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 at 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.