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IT firm KPIT Cummins Infosystems today said it will acquire 50 per cent stake in Systime Global Solutions for Rs 103 crore.
The board of directors has approved buying 50 per cent of the equity and preference shares of business solutions provider Systime Global Solutions Private Ltd for a consideration of Rs 103 crore,KPIT Cummins Infosystems said in a filing to the Bombay Stock Exchange.
The company will acquire the remaining 50 per cent of the equity and preference shares over a period of three years,at a price which will include a certain fixed and variable consideration,the statement added.
Systime Global Solutions,a wholly-owned subsidiary of the CMS group,is a global business solutions provider delivering services for the past 33 years. The company has clients like Bharti airtel,AT&T,Emirates and Lufthansa.
Shares of KPIT Cummins Infosystems were trading at Rs 164.80 on BSE,up 0.58 per cent from the previous close.
