Cyient acquires Rangsons Electronics for Rs. 360 crore.

Hyderabad-based engineering services company Cyient (formerly Infotech Enterprises) is acquiring a 74% stake in Mysuru-based Rangsons Electronics.

Sources familiar with the development put the deal size at $60 million (Rs. 360 crore).

The company, however, did not disclose the size of the transaction.

The acquisition will strengthen Cyient's expansion into high-technology, design-led systems and solutions that's in line with its S3 (services, systems and solutions) strategy, the company said in a filing to the BSE.

Cyient is an engineering, network and operations solutions company employing over 12,500 people across 38 global locations and works in areas including aerospace, consumer, energy, medical, oil and gas, mining, semiconductor, rail transportation, utilities and communications. It had Rs 2,200 crore in revenue last fiscal.

TOI