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An agreement has been signed by Cyient Limited which is a Hyderabad based firm for selling its entire stake of 49% in Infotech Aerospace Services Inc. (IASI) to Pratt & Whitney (a subsidiary of United Technologies Corporation).
Puerto Rico based IASI which was formed in 2003, is a 51:49 joint venture between Pratt & Whitney and Cyient. IASI does provide aerospace defence design, development & related services, primarily to United Technologies and its business units.
Krishna Bodanapu, CEO and MD of Cyient Ltd has said that “We continue to embark on the journey towards realization of our ‘Design-Build-Maintain’ strategy. To enable greater focus on the strategy, we have been exiting the non-core businesses.”
