KPIT Technologies Ltd on Wednesday said it will acquire Future Mobility Solutions GmbH (FMS) for up to 15.6 million euros (about Rs 135 crore).
"... the Board of Directors of the company, at its meeting, has approved the acquisition of initial 25 per cent shareholding in FMS. Over a period of three years, KPIT will acquire the balance shareholding," KPIT Technologies said in a regulatory filing.
The first tranche of 25 per cent will be completed in September 2021, and 100 per cent acquisition is expected by the last quarter of FY 23-24, it added.
"The total consideration for 100 per cent shareholding will not exceed 15.6 million euros," it said.
FMS is engaged in software and feature development in autonomous driving, ADAS (Advanced Driver Assistance Systems) and vehicle safety, and integration and validation. Established in September 2016, FMS' turnover stood at 4.30 million euros in calendar year 2020. The Gaimersheim, Germany-headquartered company has over 50 employees, and has an office in Frankfurt.
Its turnover is expected to be 5.4 million euros in calendar year 2021, the filing said.
"FMS will add certain unique proprietary offerings in the autonomous driving domain. The partnership will improve KPIT access to one strategic client with new offerings and strengthen KPIT market presence in Germany," it added.