New Delhi, NFAPost: The KPIT Technologies board has approved the acquisition of an initial 25% stake in Germany-based Future Mobility Solutions GmbH (FMS), and the remaining stake over the next three years. The total consideration for 100% shareholding will not exceed 15.6 million.
The company said it expects the investment of the first tranche of 25 per cent stake in Future Mobility to be completed in September 2021, while 100 per cent investment is expected by the last quarter of financial year 2023-24. Future Mobility is engaged in software and feature development in autonomous driving, ADAS and vehicle safety and integration and validation.
Integrated in 2016, the German firm reported a turnover of 1.14 million euros (Rs 9.87 crore), 3.36 million euros (Rs. 29.11 crore) and 4.30 million euros (Rs 37.25 crore) in calendar years 2018, 2019 and 2020, respectively.
“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,” KTIS Technologies said in a regulatory filing.