WIL announces the acquisition of ~60.3% stake in AiCitta Intelligent Technology Private Ltd

Walchandnagar Industries Limited ("WIL" / "Company"), a renowned engineering company known for its design, engineering & high complex precision manufacturing capabilities with operational legacy of more than 115 years, announced a deal to acquire majority stake in AiCitta Intelligent Technology Private Ltd. a company engaged in R&D and manufacture of Unmanned Ground Vehicles (UGVs).

As part of the deal, WIL will acquire a ~60.3% stake and the transaction is expected to be completed over a period of time. With this deal, Aicitta will be a wholly-owned subsidiary of WIL. This foray into next-generation defence technologies, which have proven effective in recent global wars, will provide the next leg of growth opportunities for WIL.

Commenting on the deal, WIL's MD and CEO, Chirag Doshi, said "This deal marks an important inflection point in our journey in serving India's defence needs through our enhanced capabilities. This acquisition opens up new avenues for growth through next-gen defence technology development and a platform to create our own intellectual property (IP). The AiCitta deal signals our openness to adopting an inorganic growth approach in highgrowth industries. Aicitta Technologies has already received a Project Sanction Order (PSO) with an opportunity size of close to Rs 1400 crores. We will have two working prototypes of the product ready for the trials in the coming 46 weeks."

Shares of Walchandnagar Industries Limited was last trading in BSE at Rs. 154.05 as compared to the previous close of Rs. 146.75. The total number of shares traded during the day was 22931 in over 319 trades.

The stock hit an intraday high of Rs. 154.05 and intraday low of 142.95. The net turnover during the day was Rs. 3426727.00.

Source : Equity Bulls

Keywords

WalchandnagarIndustries INE711A01022 StakeAcquisition AiCittaIntelligentTechnology UnmannedGroundVehicles