KPIT acquires 100 pc equity in CG Smith
Bangalore, Mar 6 (UNI) KPIT Cummins Infosystems Limited, global IT Consulting Organisation focussed on automotive and semiconductor sectors, today announced that it had acquired 100 per cent equity in the city-based CG Smith Software Private Limited in an all-cash deal of Rs 38 crore.
A KPIT release here said the company had entered into a definitive agreement for the acquisition. However, the deal was subject to legal and other clearances, likely to be completed by June.
The management of CG Smith, a 50-50 partnership between Crompton Greaves Limited and Smith and Co Inc, would continue to lead, the release said.
Giving the highlights of the deal, the company said the combined entity was poised to be a leader in third party solution provider space for automotives from India.
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