KPIT Tech buys 25% shareholding in Future Mobility Solutions GmbH; Stock soars ~7%

The majority shareholding is expected to be acquired in the last quarter of the Financial Year 2022-23.

Sep 22, 2021 03:09 IST India Infoline News Service

KPIT Technologies Limited board approved the acquisition of an initial 25% shareholding in Future Mobility Solutions GmbH (‘FMS’). Over a period of three years, KPIT will acquire the balance shareholding. The majority shareholding is expected to be acquired in the last quarter of the Financial Year 2022-23.

FMS belongs to Embedded Software Solutions for the Mobility Industry. “It will add certain unique proprietary offerings in the autonomous driving domain. The partnership will improve KPIT access to one strategic client with new offerings and strengthen KPIT market presence in Germany,” the company said in a filing on Wednesday.

KPIT Technologies Ltd was trading at Rs340.00 per piece up Rs21.10 or 6.62% from its previous closing of Rs410.10 on the BSE.

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