At meeting held on 27 July 2021
The Board of KPIT Technologies at its meeting held on 27 July 2021 has approved the investment for a staggered purchase of 100% equity of PathPartner Technology (PathPartner).PathPartner has a small business (~ 3%) related to hardware based products. In line with the company's strategy to focus only on software-led business, this hardware led business is to be divested into a new company (NewCo) before KPIT investment into controlling stake of PathPartner, services business. The NewCo business is related to camera and radar based, vehicle occupant monitoring and related safety regulations. This business can help KPIT accelerate the existing services business and quicken delivery of large engagements.
With this view in mind, KPIT proposes to invest Rs 90 lakh for a non-controlling 30% equity stake in the NewCo. This will help KPIT access the required NewCo business for its services business, as required.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
