Cyient said that the impact of this transaction on earnings per share (EPS) is expected to be neutral
Cyient Limited
Hyderabad: Cyient Limited (formerly Infotech Enterprises) on Friday signed an agreement with US-based Tech-wave Consulting Group sell its stake in Infotech Enterprises Information Technology Services Pvt Ltd, a wholly owned subsidiary engaged in IT services.
In a regulatory filing with BSE, the company said that the sale was made “with an intent to focus on its core engineering services and DNO (Data, Network and Operations) businesses.”
While the transaction was not disclosed yet, Cyient said that the impact of this transaction on earnings per share (EPS) is expected to be neutral.
Infotech Enterprises IT Services used to deliver its services to retail, consumer package goods, logistics, supply chain, pharma, healthcare, etc using ERP, open source technologies and Remote Infrastructure management. IEITS operates in Europe and APAC region.
After this transaction, Cyient will focus only engineering-related sectors. According to Damodar Rao Gummadapu, the CEO of Techwave, his company would like to increase its headcount in Hyderabad to 1,000 and globally 1,500 by December 2016.
( Source : deccan chronicle )
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