Technomania
UTC sells minority stake in Cyient
2017-09-29Carrier International (Mauritius) Limited, a subsidiary of UTC, has executed a trade recently to divest its balance equity shareholding in Cyient, according to information available on the NSE, subject to the trade settlement procedures of the stock exchanges.
This is the second tranche of divestment, the first being done earlier on 7th June, 2017. UTC first invested in Cyient in 2002 when the company was establishing itself as a global engineering services company. Since that time, Cyient has grown considerably and remains a trusted service provider to UTC with over 1,600 engineers engaged on UTC projects worldwide.
"UTC has been a strategic customer and investor in the company,” reiterated Cyient CEO Krishna Bodanapu. “Their decision to divest stood testimony to the growth of the company over the years and justified the prudence of the investment made therein. The return on the investment corroborated the impeccable credentials of Cyient to create value for its investors and we look forward to a bright future."
In the recent past, Cyient has made an announcement of a number of initiatives aligned to UTC strategy and further strengthens the relationship with the UTC group and provides Cyient with a wider range of products and services. Some of the initiatives are:
• Acquisition of Certon Software Inc. to strengthen its play in the Avionics part of the Aerospace value chain in February 2017
• Qualification of Cyient DLM Pvt. Ltd as an approved product supplier to UTC Aerospace Systems in June 2017
• Announcement to acquire Connecticut, USA based B&F Design Inc. to add a common anchor customer and the tooling and precision engineering capability in September 2017
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