Wipro Ltd said on Thursday its wholly-owned subsidiary Wipro Infrastructure Engineering will acquire Sweden-based Hydrauto Group AB for over Rs 142 crore (Rs 1.42 billion).
In a communique on the National Stock Exchange, Wipro said an agreement had been signed for the buyout which was expected to be completed by Q3 of FY 2006-07.
Wipro Infrastructure Engineering is engaged in the business of precision engineered Hydraulic components and solutions while Hydrauto is a leading provider of Hydraulic components and solutions in Europe.
It manufactures hydraulic cylinders for material handling, forestry and construction equipment.
"This acquisition gives WIN a unique Asia-Europefootprint, a customer base built over the past few decades and deep complementary engineering skills," WIN Managing Director Anurag Behar said.
Globally hydraulic components were a $17 billion industry catering to the construction equipment, material handling, farm and industrial segments, Wipro added.
"We think Wipro is a perfect fit, being leaders in Asia and having an established presence in the Asia-Pacificregion," CEO of Hydrauto Olov Larsson said. Want to discuss computer software? Join the Computer software Discussion Group