Wipro's engg arm acquires Sweden-based Hydrauto AB for USD 31 mn

Mumbai, Sep 28 (UNI) Wipro has acquired 100 per cent equity of the Sweden-based Hydrauto Group AB for a consideration of USD 31 million, in an all cash deal.

Announcing this, the company's release said the acqusition was made through its engineering subsidiary Wipro Infrastructure Engineering (WIN) - a precision engineered Hydraulic components and solutions in India.

WIN is a Tier one supplier to OEMs (Original equipment manufacturers) of Construction and Earth Moving Machinery, Material Handling Equipment, Heavy and Medium Commercial Vehicles amongst other industries, in India and rest of Asia. For the year ended March 31, 2006, its revenues were USD 57 million.

Hydrauto, a Sweden-based leading provider of Hydraulic components and solutions in Europe, is a profitable entity with positive operating cash-flows and for the year ended December 31, 2005, its revenues ran upto USD 112 million.

Commenting on the acquisition, WIN's Managing Director Anurag Behar, said, ''This acquisition gives WIN a unique Asia-Europe footprint, a customer base built over the past few decades and deep complementary engineering skills. Being together will have a multiplier effect on competitiveness.'' CEO of Hydrauto Olov Larsson said, ''The Hydrauto team looks forward to becoming a part of the Wipro family.'' Subject to customary closing conditions and regulatory approvals, the acquisition is expected to be completed by third quarter of FY 2006-07.

UNI SN MJ AW1818