Share price of KPIT Technologies advanced 3 percent intraday Thursday as it has completed strategic partnership agreement with Germany headquartered engineering services company.
"The fixed consideration will be euro 9.3 million and total consideration will include additional variable consideration, which is based on achievement of certain financial parameters over the next four years," as per company's release.
The strategic partner, MicroFuzzy, has over 20 years of proven engineering expertise on Powertrain systems and Drivetrain Electronics. It has core expertise in the areas of Software development for E-Mobility, E/E Architecture, End to End Test and validation solutions for powertrain components.
This partnership gives KPIT access to around 150 plus specialized engineers.
Kishor Patil, CEO & MD of KPIT Technologies said, "We are very excited with this partnership. Powertrain is our largest practice within Automotive Engineering and E-Mobility is a big focus as well as a growth area."
"With this partnership, we will be able to enhance and bring in next generation offerings in the key growth area of E Mobility. This further strengthens our leadership position in the Automotive Engineering domain and bolsters our presence in Germany," he added
At 11:34 hrs KPIT Technologies was quoting at Rs 134.60, up Rs 2.65, or 2.01 percent on the BSE.
Posted by Rakesh Patil