MUMBAI, March 5 -- Wipro Ltd has been among the most acquisitive companies among Indian IT service providers. But it hasn't had much to show in terms of benefits accrued from all its mergers and acquisitions, with growth rates still far behind peers such as Tata Consultancy Services Ltd and Infosys Ltd. Now, it has gone ahead with a much larger acquisition, worth as much as $1.45 billion. Wipro has said it will buy Capco, a consultancy firm in the banking and financial services space, in an all-cash deal.

Given the chequered history of past acquisitions, investors have naturally welcomed the news with cold shoulders. Some analysts are also worried about the premium valuation paid for Capco. Wipro shares fell about 2% in early deals on Fr...