Hyderabad-based Cyient Limited buys Finland's Citec for Rs. 750 crore
Cyient is an Indian engineering and technology solutions provider to more than two dozen Fortune 500-companies.
By Newsmeter Network Published on 26 April 2022 4:56 AM GMT
Hyderabad: Hyderabad-based Cyient Limited has signed a definitive agreement to acquire Finland's Citec, an international plant and product engineering services company, for about $101 million(around Rs 750 crore) on Monday.
Cyient is an Indian engineering and technology solutions provider to more than two dozen Fortune 500-companies.
Citec serves customers across the energy, process, oil and gas, and manufacturing industries, and has 1,200 employees globally with core competencies in plant engineering, product engineering, technical documentation, and consulting.
This will be the largest outbound acquisition by an Indian engineering services company and Cyient's largest acquisition to date, the company said. The acquisition will be completed during the quarter.
This acquisition is expected to enhance Cyient's position in the plant and product engineering sector, strengthen its presence in the energy industry with a focus on clean energy and expand its European footprint in the Nordic countries of Finland, Norway, Sweden, and Germany, and France.
The combined portfolios of Cyient and Citec are likely to be one of the largest independent plant engineering capabilities globally. "This will enable customers to leverage a comprehensive set of services and offerings such as plant engineering, digital solutions, product engineering, consulting, and technical documentation. And the synergies from these combined portfolios will provide the scale, expertise, resources, and access to new capabilities that can be offered to customers," Cyient said in a statement.
"This acquisition will allow us to take our combined plant engineering and digital solutions portfolio to a new set of customers who have extensive manufacturing facilities globally. Citec's strong brand value and talent pool, especially in the Nordic region, will be integral to Cyient gaining a strong foothold in the region and accelerating our future growth," said Krishna Bodanapu, managing director and CEO, Cyient.
