Cyient to sell its entire stake in Infotech Aerospace Services to Pratt & Whitney
Cyient’s industry focus includes aerospace, defense, medical, telecommunications, rail transportation, semiconductor, utilities, industrial, energy and natural resources
Hyderabad-based firm Cyient Limited has signed an agreement to sell its entire stake of 49% in Infotech Aerospace Services Inc. (IASI) to Pratt & Whitney - a subsidiary of United Technologies Corporation.
Formed in 2003, Puerto Rico-based IASI is a 51:49 joint venture between Pratt & Whitney and Cyient. IASI provides aerospace defence design, development & related services, primarily to United Technologies and its business units.
According to Cyient officials, the sale of its stake in IASI will allow Cyient to focus more on its core business concerns.
“We continue to embark on the journey towards realization of our 'Design-Build-Maintain' strategy. To enable greater focus on the strategy, we have been exiting the non-core businesses,” said Krishna Bodanapu, Chief Executive Officer and Managing Director of Cyient Ltd.
Cyient’s primary area of work surrounds industries like aerospace, defense, medical, telecommunications, rail transportation, semiconductor, utilities, industrial, energy and natural resources. The company has around 14000 employees and operates in 21 countries.
Adding further on the decision, the company's CEO Krishna Bodanapu said, "This divestment is a step in the right direction and will aid us in becoming more focused striding towards achieving our vision. We will continue to evaluate and rebalance our business portfolio.”Cyient's shares were down 2.64% on Thursday to settle at Rs 512 at the close of market.