KPIT Technologies jumped 7.01% to Rs 341.25 after the IT company's board approved the acquisition of initial 25% shareholding in Future Mobility Solutions.
KPIT said the acquisition will add certain unique proprietary offerings in the autonomous driving domain. The partnership will also improve KPIT's access to one strategic client with new offerings and strengthen KPIT's market presence in Germany.The total consideration for 100% shareholding will not exceed 15.6 million. The first tranche (25%) is expected to be completed in September 2021. Meanwhile, 100% acquisition is expected by last quarter of FY23-24.
Future Mobility Solutions is in embedded software solutions for the mobility industry. The company is engaged in software and feature development in autonomous driving, ADAS & Vehicle Safety and Integration & Validation. The company posted a turnover of 4.3 million for the calendar year ended 2020.
KPIT Technologies is a leading independent software development and integration partner helping mobility leapfrog towards a clean, smart, and safe future. On a consolidated basis, the company posted a 150% jump in net profit to Rs 60.25 crore on a 15.2% rise in net sales to Rs 567.38 crore in Q1 FY22 over Q1 FY21.
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