Cyient To Take Full Control Of Electronics System Design Unit

- Advertisement -
- Advertisement -

Cyient will pay Rs 42.5 crore to buy out the balance stake from the NR Group and take full control of the unit.

Listed engineering and software services company Cyient Ltd has signed a definitive agreement to acquire the 26 per cent stake it did not already own in Cyient DLM Pvt. Ltd (formerly Rangsons Electronics Pvt. Ltd), its electronics system design and manufacturing unit.

- Advertisement -

Hyderabad-based Cyient (formerly Infotech Enterprises) will pay Rs 42.5 crore ($5.95 million at current exchange rates) to buy out the balance stake from the NR Group and take full control of the unit, the company informed the stock exchanges on Tuesday.

The cash transaction values Cyient DLM’s equity at Rs 163.5 crore (nearly $23 million), VCCircle estimates show.

Cyient, led by executive chairman BVR Mohan Reddy, had announced in January 2015 that it would acquire 74 per cent stake in Mysuru-headquartered Rangsons Electronics from the NR Group. The stake purchase concluded the following month.

The acquisition is part of Cyient’s S3 (services, systems and solutions) strategy to expand into high-technology and high-value, design-led systems and solutions.

Cyient had also announced in September 2017 that it would acquire Connecticut-based B&F Design Inc. in a cash deal via its step-down subsidiary Cyient Defense Services Inc.

It had previously acquired, among other deals, US-based end-to-end IT services management solutions provider Softential Inc and data sciences startup Invati Insights. Both acquisitions took place in early-2014.

- Advertisement -

Related Artcles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Exclusive

“More Chargers Provide Security And Confidence To Customers, Encouraging EV Adoption”

0
With an agenda to transform the EV industry, EarthtronEV has established 250+ charging stations on major highways across India. The company aims to interconnect...

5G RedCap To Transform IoT Module Shipments

0
Over 60% of IoT module shipments will originate from the Asian & Oceania region. Automotive sector is expected to be a significant driver. The...
XR Headset Quest 3, Meta

Global XR Headset Shipments See A Major Decline, Sony Rises

0
Sony grabbed a market share of 24% in 2023 up from 1% in 2022. Bulky form factor, and lag, hinder adoption by serious...

Buzz

Tenstorrent- RISC V cores

MosChip Collaborates With Tenstorrent For Advanced RISC-V Cores

0
Tenstorrent has selected Moschip due to their tape out expertise in design services. India’s MosChip Technologies has announced partnership with computing company Tenstorrent and to...

BYD Aims For 20% Increase In Yearly EV Sales

0
The company is targeting sales of 500,000 vehicles internationally this year, over twice the amount sold last year, and aims to increase that figure...

RRP Electronics To Invest ₹5000 Cr In OSAT and R&D In Maharashtra

0
Cricket legend Sachin Tendulkar is investing in this semiconductor facility. Such celebrated personalities investing in the sector could be a great asset to the...

Important Sectors

“More Chargers Provide Security And Confidence To Customers, Encouraging EV Adoption”

0
With an agenda to transform the EV industry, EarthtronEV has established 250+ charging stations on major highways across India. The company aims to interconnect...

BYD Aims For 20% Increase In Yearly EV Sales

0
The company is targeting sales of 500,000 vehicles internationally this year, over twice the amount sold last year, and aims to increase that figure...

RRP Electronics To Invest ₹5000 Cr In OSAT and R&D In Maharashtra

0
Cricket legend Sachin Tendulkar is investing in this semiconductor facility. Such celebrated personalities investing in the sector could be a great asset to the...

Subsidy Cuts Push E2W Makers Towards Budget Models

0
Electric two-wheeler manufacturers face reduced government subsidies and growing competition from established petrol vehicle brands in the upcoming fiscal year. These challenges compel them...

Nissan To Invest In Renault’s Ampere For EV Roadmap

0
The alliance aims to introduce both five-seater and seven-seater models for each brand in India. Japan's Nissan Motor has committed to investing in Renault's electric...

Manufacturing

JLR To Hire 250 Electrical Technicians For Future EVs

0
These new roles, part of a £15 billion investment, are in addition to 300 positions created last year by the British car maker. Jaguar Land...

Altmin India Partners With WMG To Advance Battery Tech

0
Altmin and WMG will collaborate to strengthen their global battery materials supply chain position by optimizing cathode materials and developing diverse cell designs across...

EVs To Cost Less Than Gas Vehicles by 2027, Says Gartner

0
Gartner predicts a faster decline in production costs compared to battery costs, which represent the most significant expense in an electric vehicle, accounting for...
MG

MG Motor To Set Up Battery Assembly Unit At Halol Facility

0
The company plans to investigate battery cell production in collaboration with external partners. Automaker MG Motor India is actively exploring the possibility of assembling and...

Servotech Boosts India’s EV Charging Infrastructure With Manufacturing Facility

0
The new facility is poised to start with an annual production capacity of 24,000 power modules and plan to scale up to 2.4 lakh...