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Cyient gains on plan to acquire IG Partners

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Cyient rose 1.50% to Rs 406.95 after the company announced that it has agreed to acquire specialist Australian consulting firm, IG Partners, to expand its end-to-end offerings for the local and regional resources sector.

In a filing made before market hours today, Cyient said that the acquisition will enable customers to take advantage of the growing convergence of operational and information technologies by leveraging the synergies between the company's proven ability in operational efficiency, asset optimization, and digital transformation, and IG Partners' value creation and transformation in asset and capital-intensive industries.

The IG Partners transaction, the terms of which are confidential and remains conditional on regulatory approvals, will result in Cyient taking full ownership of the global partnership. IG Partners was formed in 2012 and has a team consisting of partners, practice leads, consultants, project managers, and analysts.

Cyient has a growing presence in Australia, providing solutions to the mining, oil and gas, rail, telecom, and utility industries. With rapid sectoral growth in the region, the company continues to invest in expanding its footprint and creating sustainable value for all stakeholders.

Commenting on the proposed acquisition, Cyient's MD and CEO, Krishna Bodanapu, said, this acquisition adds to the company's footprint in Australia, which is an important region for future growth.

Cyient is a global engineering and digital technology solutions company. As a Design, Build, and Maintain partner for leading organizations worldwide, Cyient takes solution ownership across the value chain to help customers focus on their core, innovate, and stay ahead of the curve. The company leverages digital technologies, advanced analytics capabilities, domain knowledge, and technical expertise to solve complex business problems.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, August 31 2020. 09:19 IST
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