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Pune-based IT consulting and product engineering solutions and services provider KPIT Cummins Infosystems has announced it is changing its name to KPIT Technologies Ltd. The change has become effective from July 25.
The company’s new name and logo follows diluting of equity stake by Cummins from the original 13 per cent to around 6 per cent at present. A further dilution is also on the cards.
Ravi Pandit, Chairman and CEO, KPIT said Cummins’ divestment was in line with their (Cummins) strategy going forward to invest in companies where they hold majority stake and were integral to their core business.
“They may withdraw equity ownership completely in the next one or two years,” he said, but added that this did not change their relationship with Cummins as it continued to be a key partner.
KPIT will also up its focus on technology in the years ahead, and increase the proportion of revenue from this stream, Pandit said. Currently, technology accounts for 33 per cent of the company’s total revenue, while business IT accounted for the remaining.
“We want to take this to 50 per cent in the next two to three years,” he said adding that the company had done a lot of work in technologies such as embedded software, hybridisation and auto electronics and planned to increase the focus on them.
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