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21 June, 2018 04:14 IST
Cyient inks definitive agreement to divest 49% stake in IASI
Source: IRIS | 14 Sep, 2017, 10.17AM
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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).

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