Cyient sells entire stake in IASI to Pratt & Whitney

Cyient Ltd on Thursday has announced that it has signed a definitive agreement to sell its entire stake of 49 per cent in Infotech Aerospace Services Inc. (IASI) to Pratt & Whitney, a unit of US-based United Technologies Corp. Puerto Rico-based IASI is a joint venture between Cyient and Pratt & Whitney. It provides defense design, development and related services to United Technologies and its units.

The sale is expected to be completed within 45 days from the date of signing, the company said in a BSE filing. The company has received a consideration of USD 10.9 million from the sale.

“We continue to embark on the journey towards realization of our ‘Design-Build-maintain’ strategy. To enable great focus on the strategy, we have been exiting the non-core businesses,” said Krishna Bodanapu, chief executive officer and managing director of Cyient, in a BSE filing.

Cyient Limited, formerly Infotech Enterprises Limited, is engaged in providing software-enabled engineering and geographic information system (GIS) services.

At 11.01 am, Cyient Ltd was trading 0.55 per cent lower at Rs 521.35 on BSE, while the Sensex was up 105.13 points, or 0.33 per cent, at 32,296. The stock attracted a traded volume of 43250 shares on the NSE.