Wipro buys Swedish co for $31 m

BANGALORE: In line with strategy of growth via acquisition, Wipro has acquired the Sweden-based Hydrauto Group AB (Hydrauto) for a consideration of $31 million (around Rs 150 crore), in an all cash deal. The takeover will provide Wipro’s hydraulic components company, Wipro Infrastructure Engineering (WIN), a bigger presence in the $3 billion mobile component space, globally.

WIN’s MD Anurag Behar, said: “It would compliment Wipro’s product line as both companies are focused on manufacturing components for OEMs of construction and earth moving machinery.”

WIN on its part, is a strong component maker in the construction equipment segment and has been growing annually at over 30%. The take over would bring in a revenue of over Rs 500 crore ($112 million ) at one go to WIN which reported a turnover of around Rs 240 crore for the year ended March 31, 2006.