Wipro to acquire majority stake in Brazilian co; stock up

MUMBAI: Wipro has entered into an agreement to acquire majority stake in Brazil-based hydraulics cylinder manufacturer R.K.M. Equipamentos Hidráulicos. The acquisition, which will be a part of Wipro's Infrastructure Engineering division, is expected to be completed by first quarter of FY 2011-12.

Wipro Infrastructure Engineering is engaged in business of precision engineered hydraulic cylinders and components. It is a Tier-1 supplier to global Original Equipment Manufacturers (OEMs) of construction and earth moving machinery, material handling equipment, forestry equipment, heavy and medium commercial vehicles among other industries, across Asia and Europe.

The shares were trading at Rs 438.30, up 0.46 per cent, on the NSE. It has touched a high of Rs 441.90 and low of Rs 437.40 in trade so far.