Wipro acquires majority stake in Brazil-based manufacturer

Wipro acquires majority stake in Brazil-based manufacturerWipro Ltd announced today its acquisition of majority stake in Brazil based hydraulic cylinder manufacturer R K M Equipamentos Hidrulicos Ltd. The acquisition was declared without mentioning the financials of the acquisition.

Wipro Ltd Bangalore Headquarter expects that acquisition will be completed during the quarter subject to regulatory approvals. Wipro’s Infrastructure Engineering division will be involved in this acquisition.

Wipro Infrastructure Engineering acquires number one position across the globe in supplying original equipments to the manufacturers of construction and earth moving machinery, material handling equipment, forestry equipment, heavy and medium commercial vehicles, among other industries, across Asia and Europe. Wipro is worldwide known for its accuracy in engineered hydraulic cylinders and components.

The deal is announced with an undisclosed sum. Pratik Kumar, president – Wipro Infrastructure Engineering said that with the help of this deal, Wipro has a chance to expand and widen its product portfolio in Brazil and rest of Latin America.

In early morning on NSE, Wipro shares were trading up 0.8% at Rs 439.75.

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