Cyient, an engineering, network and operations solutions company, announced the acquisition of Global Services Engineering Asia, based in Singapore, from Pratt & Whitney Services.
This site provides repairs, development and validation for aero gas turbine engine components in support of Pratt & Whitney throughout the region.
The two companies came together to sign the deal, which was structured as an asset purchase.
Krishna Bodanapu, managing director and CEO, Cyient said, 'Cyient is very proud to further strengthen our long-term partnership with Pratt & Whitney today through this transaction, and is excited to welcome these highly skilled employees into the Cyient family.'
'We are committed to growing our aerospace aftermarket services in the region and expanding our reach into other industries within Singapore. This marks a significant step forward for Cyient in shaping our vision for the future,' he said.
The acquisition was made through Cyient Singapore Pte, a wholly owned subsidiary of Cyient.
Shares of the company gained Rs 0.15, or 0.03%, to trade at Rs 539.00. The total volume of shares traded was 3,395 at the BSE (10.17 a.m., Wednesday).