Kaynes Technology Subsidiary Acquires Controlling Stake Of 54% In Austrian Company
The deal 'underscores Kaynes Technology's commitment to advancing smart, sustainable solutions in infrastructure monitoring and management'.
Kaynes Technology India Ltd. has acquired a controlling stake of 54% in Sensonic GmbH via wholly owned subsidiary Kaynes Singapore Pte., according to an exchange filing on Tuesday. However, it did not mention the acquisition cost.
The strategic acquisition will strengthen Kaynes Technology's position as an innovation-driven organisation and expand the company's infrastructure technology business globally, the electronics manufacturing service provider said.
The deal, completed after regulatory approvals, "underscores Kaynes Technology's commitment to advancing smart, sustainable solutions in infrastructure monitoring and management", the filing added.
With the Sensonic addition, the Indian company will gain "cutting-edge capabilities in railway safety and efficiency through its applications, such as track condition monitoring, landslide detection, and security enhancements powered by artificial intelligence and machine learning".
The partnership "integrates Sensonic's advanced fibre optic sensing technologies with Kaynes Technology's proven track record in manufacturing excellence and IoT innovation", according to the filing.
"Sensonic's cutting-edge applications align seamlessly with our vision of delivering transformative innovation that propels progress," Ramesh Kunhikannan, managing director of Kaynes Technology, said. "Together, we are poised to create exceptional value for our customers and partners while advancing railway safety and efficiency on a global scale."
Sensonic Chief Executive Officer Alok Sinha said becoming a part of Kaynes Technology provides "our team and technology with enhanced opportunities to scale and create a broader global impact, deliver next-generation railway solutions, driving safety, sustainability, and operational excellence worldwide".
In July, the company had informed stock exchanges that its board had approved the proposal to enter and execute a joint venture agreement with Sensonic GmbH by acquiring the Austrian company's shares via the Indian company’s wholly owned subsidiary.
Shares of Kaynes Technology closed 1.44% lower at Rs 6,232.30 apiece on the BSE, compared to a 0.74% advance in the benchmark Sensex.
