Bangalore, Sept. 29
Wipro Infrastructure Engineering (WIN), a subsidiary of Wipro Ltd, has acquired 100 per cent stake in the Sweden-based Hydrauto Group AB (Hydrauto) for $31 million in all cash deal.
Mr Anurag Behar, Managing Director, WIN, said the acquisition had given the company a unique Asia-Europe footprint. The acquisition is likely to be completed by Q3 of 2006-07, subject to customary closing conditions and regulatory approvals, Wipro said in a notice to the stock exchange.
WIN with revenues of $57 million is a major player in precision engineered hydraulic components and solutions in India. It is a Tier-1 supplier to Original Equipment Manufacturers (OEMs) of construction and earth moving machinery, material handling equipment, heavy and medium commercial vehicles among other industries, in India and the rest of Asia.
The $112-million Hydrauto, a provider of hydraulic components and solutions in Europe, is a Tier-1 supplier to OEMs of material handling equipment, forestry equipment, construction and earth moving machinery.