Live news , top stories, corporate news, company news, sector news, economy news, results analysis news, ceo interviews, fund manager interview, advisor interview, market news, bazaar talk, hot stocks news, ipo news, commodities news, mutual fund news, insurance news, news wire
20 November, 2017 22:51 IST
Cyient inks definitive agreement to divest 49% stake in IASI
Source: IRIS | 14 Sep, 2017, 10.17AM
Comments  |  Post Comment

Cyient has signed a definitive agreement to divest its 49% equity ownership in Infotech Aerospace Services, Inc (IASI) to Pratt & Whitney, a division of United Technologies Corporation. The transaction would be EPS neutral. The closing of the transaction is subject to regulatory approvals and customary closing conditions.

Established in 2003, Isabela, Puerto Rico, IASI is a 51:49 Joint Venture between Pratt & Whitney and Cyient. (Q,N,C,F)* IASI provides aerospace defence design, development & related services, primarily to United Technologies and its business units.

The transaction would be EPS neutral. The closing of the transaction is subject to regulatory approvals and customary closing conditions.

Krishna Bodanapu, Chief Executive Officer and Managing Director, Cyient, commented, "We continue to embark on the journey towards realization of our "Design-Build-Maintain" Strategy. To enable greater focus on the strategy, we have been exiting the non-core businesses. This is the second divestment post the sale of Infotech Enterprises IT Services (IEITS) that we did in October of 2015 as a part of our strategy to exit the IT services business. This divestment is a step in the right direction and will aid us in becoming more focused striding towards achieving our vision. We will continue to evaluate and rebalance our business portfolio."

Shares of the company declined Rs 3.85, or 0.73%, to trade at Rs 522.05. The total volume of shares traded was 4,148 at the BSE (10.07 a.m., Thursday).

Comments Post comment 
 Post Comment
Name Email
Comment
Security Code type    into this box
Company Update
Zydus Cadila gets nod for Ethacrynate Sodium for injection - 20-Nov-2017 10:02
Larsen & Toubro bags order worth Rs 86.50 bn - 20-Nov-2017 09:45
Tata Communications joins hands with The European Tour - 17-Nov-2017 10:27
Hinduja Ventures enters into agreements to hike stake in HLFL - 17-Nov-2017 10:23
Cipla receives final approval for generic Pulmicort Respules - 17-Nov-2017 10:16
Tata Power raises Rs 15 bn on private placement basis - 17-Nov-2017 10:09
Indian Navy signs contract with Tata Power for supply of PDDS - 17-Nov-2017 10:06
ICICI Bank, Paytm tie-up to offer short term instant digital credit - 17-Nov-2017 10:00
Wipro launches industry-specific solutions on SAP Leonardo - 17-Nov-2017 09:56
Infosys in collaboration with ATP launches Second Screen - 17-Nov-2017 09:52
Tata Motors joins hands with Energy Efficiencies Services - 16-Nov-2017 12:31
more...
Home  |   Shares  |   F&O  |   Mutual Funds  |   Loans  |   Insurance  |   News Centre
Wealth Tracker  |   Newsletters  |   Tax Corner  |   NRI Centre  |   Advertise
© All rights reserved. IRIS Business Services Limited
A Disclaimer