Wipro Acquires Majority Stake in Rkm Equipamentos Hidráulicos

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Wipro Acquires Majority Stake in Brazil based company
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BSE 290.00BSE Quote1 (0.34%)
NSE 289.95NSE Quote1.45 (0.50%)
Bangalore, May 11: Wipro announced that it will acquire majority stake of Brazil based Hydraulic Cylinder manufacturer Rkm Equipamentos Hidráulicos.

The acquisition will be a part of Wipro"s Infrastructure Engineering division. 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, commenting on this development said that “Brazil is an extremely attractive market for us driven by a high growth economy and huge investments in infrastructure over the next few years."

Explaining the choice, he stated that RKM will be ideal to expand and extend Wipro's portfolio in the Brazilian market along with the rest of the Latin America.

Mr. Jose Luiz Ramos, CEO of Rkm Equipamentos Hidráulicos commented "The RKM team welcomes this development and looks forward to being a part of Wipro"s growth journey."

The acquisition is now pending the approval of regulatory authorities. The acquisition is expected to be completed during the quarter.

OneIndia Money

Read more about: merger and acquisition, wipro, nse, bse
Story first published: Wednesday, May 11, 2011, 12:49 [IST]
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