Indian IT giant, Wipro has said that it is aiming to demerge three non-IT business divisions including consumer care and lighting, infrastructure engineering and medical diagnostics businesses.

The company will now operate its non-IT businesses under the name, Wipro Enterprises Ltd, which will be an unlisted firm. On the other hand, the IT business will remain within publicly traded Wipro Ltd. The company's IT business accounts for 86 per cent of revenue and 94 per cent of operating profit of the company.

Chairman Azim Premji has said that the demerger of the operations will help in enhancing shareholder value and will provide momentum for growth to the company. Premji will continue to work as the chairman of Wipro and will also become the non-executive chairman of Wipro Enterprises. Depending upon regulatory approval, the demerger is expected to be completed next financial year.

T. K. Kurien, chief executive of Wipro's IT business, said in a statement that, "Creating a technology-focused company will allow us to better serve the needs of our customers, and accelerate investments necessary to capitalize on market growth opportunities."

The shares of the company were trading 2.84 per cent higher at Rs 360.75 on the Bombay Stock Exchange (BSE) this afternoon at the time of reporting this afternoon.