Cyient has a growing presence in Australia, providing solutions to mining, oil and gas, rail, telecom, and utility industries including a role in 5G rollouts in the region
MUMBAI: Global engineering technology solutions company Cyient on Monday announced that will acquire specialist Australian consulting firm, IG Partners, to expand its end-to-end offerings for the local and regional resources sector.
Cyient will make an upfront payment of AUD 11.6 million for the deal. The time required for completion of acquisition may take up to six months, depending on the grant of Foreign Investment Review Board (FIRB) approval.
The acquisition will help with Hyderabad-based Cyient's strategy for the mining sector. The entity will be part of Cyient’s Energy and Utilities unit.
Cyient has a growing presence in Australia, providing solutions to mining, oil and gas, rail, telecom, and utility industries including a role in 5G rollouts in the region.
The IG Partners' transaction, the terms of which are confidential and remains conditional on regulatory approvals, will result in Cyient taking full ownership of the company.
Formed in 2012, IG Partners has presence in Australia, South Africa, Singapore and Chile. Its customers include large mining players comprising multiple Fortune 500 companies.
Following the acquisition, all its key management personnel will stay with the business under Cyient ownership.
Commenting on the proposed acquisition, Cyient's managing director and chief executive, Krishna Bodanapu, said, "Mining is an important focus industry and Australia a strategic region for Cyient’s growth...This acquisition also adds to our footprint in Australia, which is an important region for our future growth."