Saturday, January 03, 2015: Cyient Ltd announced that they are acquiring a majority stake in Rangsons Electronics Pvt Ltd. Rangsons is an electronics system design and manufacturing or ESDM services company. An acquisition agreement has been signed between the two companies saying that 74 per cent equity stake in Rangsons Electronics will be acquired by Cyient in an all-cash transaction. Though the estimate of the deal has not been revealed.
Rangsons Electronics supplies original equipment manufacturers or OEMs to various sectors including defence and aerospace, medical, automotive, telecommunications and so on. In a statement, Krishna Bodanapu, managing director and chief executive officer (CEO) of Cyient, said, Rangsons has a strong presence in its domain and with its certifications and global customer base, the company fits perfectly to Cyient’s business needs.
Cyient is a Hyderabad based firm which provides engineering services to companies in sectors like aerospace, consumer, energy, medical, oil and gas, mining, heavy equipment, semi-conductor, rail transportation, utilities and communications. Now with the latest deal, Cyient will be able to expand their horizon to better technology, design-led systems and solutions. The company will be able to expand their business as they will now strengthen their OEM customer base too, as told by Bodanapu.
Cyient will be able to take active participation in PM Narendra Modi’s ‘Make in India’ campaign too. Rangsons has their customer base in India, North America, Europe, Japan and China. The company has two production units in Mysore and as the company CEO Pavan Ranga has given a statement, they are very happy to have Cyient as their business partner. They believe this partnership will provide better engineering, designing and manufacturing services. Earlier, in 2014, Cyient acquired U.S.-based Softential Inc. and acquired 51 per cent stake of Invati Insights Pvt. Ltd in all-cash transactions.
