KPIT Technologies’ arm gets nod to acquire 65% stake in SOMIT Solutions

KPIT Technologies’ Wholly owned subsidiary — KPIT Technologies (UK) has received an approval for the acquisition of initial 65% shareholding in SOMIT Solutions (SOMIT). Over a period of six months, KPIT Technologies (UK) will acquire the balance shareholding.

kpit technologies trades higher on the bse
kpit technologies trades higher on the bse

The objects of acquisition is complements KPIT’s aftersales diagnostics platform and strengthens its positioning to cater to the multi-billion automotive aftersales industry and address higher value share in KPIT’s strategic clients. Adds specialist talent to the KPIT family. The Total consideration for 100% shareholding will not exceed 7.68 million pound over a 3 year period. The Board of Directors of the company, at its meeting has approved the same.

KPIT is a global technology company with software solutions that will help mobility leapfrog towards an autonomous, clean, smart and connected future.

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