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City-based IT solutions provider Cyient Limited today said it has signed a definitive agreement with Pratt & Whitney to divest its 49 per cent equity ownership in IASI (Infotech Aerospace Services Inc).
Established in 2003 at Isabela in Puerto Rico, IASI is a 51:49 Joint Venture between Pratt & Whitney and Cyient.
The company provides aerospace defence design, development and related services, primarily to United Technologies and its business units, Cyient said in a statement.
The closing of the transaction is subject to regulatory approvals and customary closing conditions, it said.
"We continue to embark on the journey towards realisation of our 'design-build-maintain' strategy. To enable greater focus on the strategy, we have been exiting the non-core businesses," Cyient Limited Chief Executive Officer and Managing Director Krishna Bodanapu said.
"This is the second divestment post the sale of Infotech Enterprises IT Services (IEITS) that we did in October 2015 as a part of our strategy to exit the IT services business," he said.
"This divestment is a step in the right direction and will aid us in becoming more focused striding towards achieving our vision. We will continue to evaluate and rebalance our business portfolio," he said.
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