Hyderabad-based Cyient Ltd (formerly Infotech Enterprises) is acquiring Singapore-based Global Services Engineering Asia from aerospace engine manufacturer Pratt & Whitney for an undisclosed amount, according to a stock market disclosure.
Global Services Engineering provides repairs, development and validation for aero gas turbine engine components for Pratt & Whitney throughout the region.
The transaction, which was structured as an asset purchase, is expected to be closed by the end of August 2015.
The acquisition will help Cyient strengthen its presence in the Asia Pacific region, specifically in aftermarket services for the aerospace industry.
“We are committed to growing our aerospace aftermarket services in the region and expanding our reach to other industries in Singapore. This marks a significant step forward for Cyient in shaping our vision for the future,” Krishna Bodanapu, managing director and CEO of Cyient, said.
Led by BVR Mohan Reddy (executive chairman), Cyient is an engineering and network solutions firm that provides solutions including product development and life-cycle support. The company is a qualified supplier to global OEMs across defence and aerospace, medical, automotive, telecommunications and industrial segments. It counts Carlyle and ChrysCapital among its institutional shareholders.
Earlier this year, Cyient agreed to acquire 74 per cent equity stake in Mysore-headquartered Rangsons Electronics Pvt Ltd, an electronics systems design and manufacturing (ESDM) services company, as part of its efforts to diversify its engineering services business.
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