On Monday, Cyient Ltd acquired Citec, an international plant, and product engineering services company, for €94 million (about $101 million). Globally, this company has 1200 employees who give services to their customers related to energy, process, oil and gas, and manufacturing industries, also consulting and technical documentation.

According to the company, it will be the biggest outbound acquisition by an Indian engineering services company. Also, it will be Cyient’s largest acquisition till date.

• Coal India, AMNS Sign MoU on Syn-Gas at Paradip Plant
• HAL Hits 52-Week High of Rs 5,055 on Strong Q1 Results
• MP Approves Rs 1,757 Crore Bhopal-Vidisha Road Project
• Nvidia Reportedly Developing 1 Trillion-Parameter AI Model
• West Coast Paper Hits 52-Week High on Strong Q1 Profit

The acquisition process should be done to enhance the Client’s position in the engineering sector, expanding its European bases in the Nordic countries of Finland, Norway, Sweden, Germany and France. It will be done with a focus on clean energy.

The company, in a statement, mentioned that “This will enable customers to leverage a comprehensive set of services and offerings such as plant engineering, digital solutions, product engineering, consulting, and technical documentation. And the synergies from these combined portfolios will provide the scale, expertise, resources, and access to new capabilities that can be offered to customers.”

Managing Director and CEO of Cyient, Krishna Bodanapu, said, “This acquisition will be allowing us to take our combined plant engineering and digital solutions portfolio to a new set of customers who have extensive manufacturing facilities globally. Citec’s strong brand value and talent pool, especially in the Nordic region, will be integral to Cyient gaining a strong foothold in the region and accelerating our future growth.”