Cyient Ltd said on Monday it has signed definitive agreements to acquire Citec, an international plant and product engineering services company, for €94 million (about $101 million or Rs 773.7 crore).
Citec serves customers across the energy, process, oil and gas, and manufacturing industries, and has 1,200 employees globally with core competences in plant engineering, product engineering, technical documentation and consulting.
This will be the largest outbound acquisition by an Indian engineering services company and Cyient’s largest acquisition to date, the company said. The acquisition will be completed during the quarter.
This acquisition is expected to enhance Cyient’s position in the plant and product engineering sector, strengthen its presence in the energy industry with a focus on clean energy and expand its European footprint in the Nordic countries of Finland, Norway, and Sweden, and in Germany and France.
The combined portfolios of Cyient and Citec is likely to be one of the largest independent plant engineering capabilities globally. “This will enable customers to leverage a comprehensive set of services and offerings such as plant engineering, digital solutions, product engineering, consulting, and technical documentation. And the synergies from these combined portfolios will provide the scale, expertise, resources, and access to new capabilities that can be offered to customers,” Cyient said in a statement.
“This acquisition will allow us to take our combined plant engineering and digital solutions portfolio to a new set of customers who have extensive manufacturing facilities globally. Citec’s strong brand value and talent pool, especially in the Nordic region, will be integral to Cyient gaining a strong foothold in the region and accelerating our future growth,” said Krishna Bodanapu, managing director and CEO, Cyient.
