Cyient acquires 74% stake in Rangsons Electronics

Deal value not disclosed, all cash transaction will strengthen acquirer's end -to-end capabilities in integrated engineering design and production

Engineering and operations solutions firm Cyient Ltd today acquired 74 per cent stake in Mysore-based electronic manufacturing services (EMS) provider Rangsons Electronics for an undisclosed sum.

The all cash transaction will strengthen the company's end -to-end capabilities in integrated engineering design and production, Cyient said in a statement.

It said the acquisition positions Cyient strongly to expand into high-technology and high-value, design-led system and solution.

Cyient MD and CEO Krishna Bodanapu said: "With its strong domain expertise coupled with a comprehensive solution portfolio...And global customers, Rangsons Electronics fits extremely well in Cyient's business.

"The new relationship will help Cyient expand its core business while deepening partnership with OEM customers."

The acquisition is Cyient's third in less than a year. Last year, the company acquired US-based IT-service provider Softential and Invati Insights, a start-up data sciences company.

Cyient's scrip was trading at 521.50, up 1.39 per cent, on BSE.