Wipro completes acquisition of International TechneGroup
.jpg)
Bengaluru-based IT services company Wipro Ltd has completed the acquisition of US-based International TechneGroup Inc (ITI).
Referring to an earlier announcement on the proposal to acquire ITI, Wipro, in a BSE filing on 4 October, said that “the said acquisition has been completed on October 3, 2019."
In June this year, Wipro signed a definitive agreement to acquire ITI for $45 million (around ₹318 crore). ITI, a digital engineering and manufacturing solutions company, is said to be a leader in Computer Aided Design (CAD) and Product Lifecycle Management (PLM) interoperability software services.
ITI’s offerings and solutions will be consolidated as a part of Wipro’s Industrial and Engineering services business and will function as a wholly-owned US subsidiary of the company. “Wipro’s Industrial and Engineering Services provides customers with a platform to innovate and engineer the next generation of products and platforms at scale, using an approach termed as EngineeringNXT," Wipro had said in a release dated 5 June.
“This acquisition complements Wipro’s core strengths in Industry 4.0 and allows us to offer end-to-end solutions in Digital Engineering and Manufacturing," Harmeet Chauhan, senior vice president, Industrial & Engineering Services, Wipro said in the release.
Founded in 1983 and headquartered in Milford, Ohio, US, ITI has offices in the UK, Italy, Israel and Germany and directly provides software products and services to leading manufacturers across aerospace, automotive, healthcare and other segments.
Other Latest News
.webp)
Cement maker ACC on Thursday said its profit after tax (PAT) increased four-fold to Rs 945 crore in the March quarter of the previous fiscal year on account of robust sales.
The company had reported a PAT of Rs 236 crore in the year-ago period.
Revenue from operations rose to Rs 5,409 crore in the fourth quarter as compared with Rs 4,791 crore in the year-ago period, ACC Ltd said in a regulatory filing.
.webp)
Nestle on Thursday missed first-quarter organic sales growth estimates, as the world's biggest packaged food company hiked prices and sold fewer products, particularly in North America.
The maker of Maggi noodles, Nescafe coffee and KitKat chocolate wafer bars confirmed its 2024 guidance of organic sales growth of about 4 per cent and a moderate increase in underlying trading profit margin.
.webp)
Shares of Hitachi Energy were buzzing in trade on Thursday as they soared as much as 18.89 per cent to hit a fresh record high of Rs 9,765.30 per share, driven by expansion plans. On the other hand, S&P BSE 500 was trading 0.21 per cent higher at 74,010.29 levels, as of 1:02 PM.
Hitachi Energy intends to establish additional global capability centres (GCCs) in India to bolster its local operations in response to escalating energy demand and the government's focus on expanding renewable energy generation, according to Reuters.
.webp)
Air India Express will give first-time voters aged 18 to 22 a 19 per cent discount on domestic and international flight tickets for travelling to their home constituencies and back, the Economic Times (ET) reported.
This deal is part of the airline’s "#VoteAsYouAre" campaign, “designed to mobilise first-time voters to fly home to exercise their constitutional right and help guide the flight path of the nation", ET reported.
.webp)
National Stock Exchange (NSE) on Wednesday introduced derivative contracts on Nifty Next 50 index, which received a positive response from market participants.
More than 375 trading members from across the country participated in the index derivatives, the National Stock Exchange (NSE) said in a statement.
.webp)
.webp)
.webp)
.webp)
.webp)
