Wipro Limited has signed an agreement to acquire majority stake of Brazil based Hydraulic Cylinder manufacturer R.K.M. EQUIPAMENTOS HIDRĆULICOS LTDA. Subject to customary regulatory approvals, the acquisition is expected to be completed during the quarter, Wipro said in a notice to the stock exchange.
The acquisition will be a part of Wipro's Infrastructure Engineering division. Wipro Infrastructure Engineering is a global leader in precision engineered hydraulic cylinders and components. It is a Tier-1 supplier to global Original Equipment Manufacturers (OEMs) of construction and earth moving machinery, material handling equipment, forestry equipment, heavy and medium commercial vehicles among other industries, across Asia and Europe.
Ā Pratik Kumar, President, Wipro Infrastructure Engineering, commenting on this development said, "Brazil is an extremely attractive market for us driven by a high growth economy and huge investments in infrastructure over the next few years. RKM provides us an ideal platform to expand and extend our portfolio of offerings in the Brazilian market and well as rest of the Latin America. We are extremely impressed by the management team of RKM and their vision in creating one of the finest hydraulic cylinder operations."
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Ā Jose Luiz Ramos, CEO of R.K.M. EQUIPAMENTOS HIDRĆULICOS LTDA commented, "The RKM team welcomes this development and looks forward to being a part of Wipro's growth journey. The partnership with Wipro Infrastructure Engineering will give us a wider customer access and expansion opportunities into new end equipment segments."
