Wipro on Wednesday said it is acquiring Brazil-based hydraulic cylinder manufacturer RKM Equipamentos Hidraulicos, a move that would help the firm’s infrastructure engineering business get a foothold in Latin America. The value of the deal was not disclosed.
The acquisition is expected to be completed during the June quarter, Wipro said in a notice to the stock exchange. The buy is Wipro’s second acquisition in two months. In April, the firm’s IT services wing, Wipro Technologies, announced it would buy US-based SAIC’s global oil and gas IT services business for $150 million (R668 crore). Wipro Infrastructure Engineering, led by Pratik Kumar, makes precision engineered hydraulic cylinders and component and is a supplier to global original equipment manufacturers (OEMs) of construction and earth moving machinery, material handling equipment, forestry equipment, heavy and medium commercial vehicles among other industries.
?Brazil is an extremely attractive market for us, driven by a high growth economy and huge investments in infrastructure over the next few years,? Kumar said.