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Last Updated : Nov 07, 2017 12:30 PM IST | Source: Moneycontrol.com

AXISCADES Engineering gains 6% on acquisition of technology company in Bengaluru

The acquisition to be completed in a phased manner will add significantly to AXISCADES' embedded practice and Make-in-India opportunities.

 
 
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AXISCADES Engineering Technologies share price rallied 6 percent intraday Tuesday on acquisition of Mistral, a specialised embedded technology company, in Bengaluru.

"The acquisition to be completed in a phased manner will add significantly to AXISCADES' embedded practice and Make-in-India opportunities," the company said in its filing.

Mistral was co-founded by Anees Ahmed and Rajeev Ramachandra in 1997 as a niche technology company clocking Rs 132 crore in revenue last year. It specialises in end to end embedded solutions & product engineering catering to aerospace, defence, industrial, consumer, wearable, medical and semiconductor verticals.

The current founders and management team will continue to run the operations, AXISCADES said.

Commenting on the acquisition, Sudhakar Gande, Vice Chairman, AXISCADES said, "This helps us to be a significant player in the defence offset and digital technologies."

At 12:19 hours IST, the stock price was quoting at Rs 137.00, up Rs 5.00, or 3.79 percent on the BSE.
First Published on Nov 7, 2017 12:30 pm
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