The Board of KPIT Technologies has approved the acquisition through KPIT Technologies (UK) (a Wholly owned subsidiary of KPIT Technologies) of initial 65% shareholding in SOMIT Solutions (SOMIT). Over a period of six months, KPIT Technologies (UK) will acquire the balance shareholding.
The total consideration for 100% shareholding will not exceed 7.68 million over a 3 year period.
The acquisition complements KPIT's aftersales diagnostics platform and strengthens its positioning to cater to the multi-billion automotive aftersales industry and address higher value share in KPIT's strategic clients. Adds specialist talent to the KPIT family.
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