Wipro in deal to buy majority stake in Brazilian company

Wipro in deal to buy majority stake in Brazilian company
Wipro rose 0.61% to Rs 439 soon after it announced its deal to buy a majority stake in a Brazil- based hydraulic cylinder manufacturer R.K.M.Equipamentos Hidráulicos Ltd. Wipro, India"s third largest software services exporter mainly deals with software.

In a notice to the stock exchange, the company declared that the acquisition would be a part of its infrastructure engineering device. Although the company did not disclose the financial details, it further assures that with subject to customary regulatory approvals, the acquisition is expected to be complete during the quarter.

Wipro Infrastructure, the global leader is known for its precision engineered hydraulic cylinder and components. It is a Tier-1 supplier to global Original Equipment Manufacturers (OEMs) of construction and earth moving machinery, material handling equipment, forestry equipment, heavy and medium commercial vehicles among other industries, across Asia and Europe.

Pratik Kumar, President, Wipro Infrastructure Engineering, highlighting the deal commented that the deal took place as RKM offered Wipro an ideal platform that would help Wipro to expand and extend its portfolio of offerings in the Brazilian market as well as rest of Latin America.

Discussing about the development, Pratik further said that the company was impressed by the management team of RKM and the vision they had opted to create one of the finest hydraulic cylinder operation.

On the other hand Jose Luiz Ramos, CEO of R.K.M. Equipamentos Hidráulicos Ltd too believes that the partnership with Wipro Infrastructure Engineering would not only help the company to gain wider customer access, also provide expansion opportunities into new and equipment segments. Therefore, the company welcomes the development and is looking forward to become a part of Wipro"s growth journey.

Read more about: wipro, bse, nse, acquisition
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