The Board of Directors of KPIT Technologies Limited, at its meeting has approved the acquisition of initial 25% shareholding in Future Mobility Solutions GmbH ('FMS'). Over a period of three years, KPIT will acquire the balance shareholding. Majority shareholding is expected to be acquired in the last quarter of the Financial Year 2022-23.
FMS is a German company with current employee strength of 50+. It is headquartered in Gaimersheim, Germany and has an office in Frankfurt, Germany. FMS is engaged in Software and Feature Development in Autonomous Driving, ADAS & Vehicle Safety and Integration & Validation.
The Total consideration for 100% shareholding will not exceed € 15.6 million.
The acquisition of FMS will add certain unique proprietary offerings in the autonomous driving domain. The partnership will improve KPIT access to one strategic client with new offerings and strengthen KPIT market presence in Germany.
Shares of KPIT Technologies Ltd was last trading in BSE at Rs. 318.9 as compared to the previous close of Rs. 314.25. The total number of shares traded during the day was 64946 in over 1774 trades.
The stock hit an intraday high of Rs. 320 and intraday low of 306.5. The net turnover during the day was Rs. 20350420.