Xerox India, based in Gurgaon, India,[1] is the Indian subsidiary of Xerox Corporation, an American printer, photocopier, document supplies, technology & services company.
Originally Modi Xerox Limited, 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 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,[2]