IT bellwether Wipro Ltd on Wednesday said it has signed an agreement to acquire majority stake in Brazil-based hydraulic cylinder manufacturer RKM Equipamentos Hidraulicos.
"Subject to customary regulatory approvals, the acquisition is expected to be completed during the quarter," the company said in a statement.
The acquisition will be part of Wipro's infrastructure engineering division. However, the company did not divulge the financial details of their transaction.
Wipro 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.
"Brazil is an extremely attractive market for us, driven by a high growth economy and huge investments in infrastructure over the next few years," said Pratik Kumar, president, Wipro Infrastructure Engineering.
"RKM provides us an ideal platform to expand our portfolio of offerings in the Brazilian market as well as the rest of Latin America. We are extremely impressed by their management team and vision in creating one of the finest hydraulic cylinder operations," he added.
At the Bombay Stock Exchange, the shares of the company were up 1.07% to trade at Rs 441.