IFC to acquire equity stake in KPIT Cummins

Mumbai, Mar 14 (UNI) International Finance Corporation (IFC), the private sector arm of the World Bank, is infusing an equity investment of USD 2.5 million into KPIT Cummins Infosystems Limited with the prime aim of funding the Company's long-term growth.

A press release issued here today stated that an extra-ordinary general meeting of the Company's shareholders has been called on April 8 to obtain their approval for the proposed allotment of the Company's equity shares to IFC.

This equity investment will further augment IFC's prior commitment of USD 11 million long-term debt to KPIT Cummins which will be used for the construction of the Company's software development facility at Hinjawadi in Pune in Phase II.

Company CEO and managing director Kishor Patil said, ''This investment transaction not only brings additional funds to KPIT Cummins, it also brings a valued partner and shareholder in the form of IFC and reflects IFC's confidence in KPIT Cummins and its focussed strategy.'' UNI JJ MAZ SKB1857