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AXISCADES, the product engineering services firm backed by Rajeev Chandrasekhar's Jupiter Capital, has acquired Bengaluru-based defence product firm Mistral for Rs 175 crore as it looks to expand newer business opportunities in defence electronics.
The over two-decade-old Mistral has built over 300 commercial products and has worked on over 40 products for defence organisations such as Bharat Electronics Ltd, DRDO labs and state police departments.
Mistral, which employs 300 people, earned revenue of Rs 132 crore in fiscal 2017. Founders Anees Ahmed and Rajeev Ramachandra will continue to run the operations.
Mistral specialises in end to end embedded solutions & product engineering catering to Aerospace, Defence, Industrial, Consumer, Wearable, Medical and Semiconductor verticals.
"This acquisition of Mistral helps us to be a significant player in the Defence Offset and digital technologies.
The synergy between AXISCADES and Mistral offers both the parties, impetus to create IP's, broadening service offerings leading to substantial business growth. This acquisition is EPS accretive," Sudhakar Gande, Vice Chairman, AXISCADES said in a statement.
AXISCADES stock closed 3.33 percent or Rs 4.25 at Rs 132 on the Bombay Stock Exchange on Monday.