IT firm Cyient will acquire global factory and product engineering services firm Citec for around Rs 800 crore to strengthen its business. Founded in 1984, Citec is an international plant and product engineering services company serving customers in energy, mining, processing, oil and gas, and manufacturing. It has 1,200 employees worldwide.
Cyient said it would be the largest overseas acquisition by an Indian engineering services company or even the company’s largest to date. The acquisition will close this quarter.

“This acquisition will enhance Cyient’s position as a leader in plant and product engineering, strengthen its presence in the energy industry, focus on clean energy, and expand its European footprint in Nordic countries such as Finland, Norway, and Sweden, as well as Germany and France,” Cyient said.

According to regulatory filings, the deal, valued at around Rs 800 crore, will be an all-cash deal. “This acquisition will allow us to offer our comprehensive portfolio of plant engineering and digital solutions to a new customer base with extensive manufacturing facilities worldwide.

Cyient Managing Director and CEO Krishna Bodanapu said: “Citec’s strong brand value and talent pool, especially in the Nordic region, will be integral to Cyient’s foothold in the region to accelerate our future growth. a part of.”
In 2021, Citec’s revenue will be 80 million euros (approximately Rs 6.6 billion at current exchange rates).

“Cyient’s large international organization with more than 14,000 experts provides new products for our customers and new opportunities for our employees. Through Cyient, we can offer our customers a more comprehensive range of services and solutions, such as leveraging Cyient’s powerful digital products,” said Johan Westermarck, CEO of Citec.