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| Exchange Received Time 14/07/2018 13:35:43 Exchange Disseminated Time 14/07/2018 13:35:48 Time Taken 00:00:05 | Reg: (1) Acquisition of Germany based Company - iSYS RTS GmbH
(2) Approval of investments in the New Joint Venture Company
The Board has approved acquisition of 80% of equity capital of iSYS RTS GmbH ('iSYS') based in Germany.
iSYS is a niche player engaged in systems engineering, development of hardware and software with product and services offering in embedded systems, Electronic Control Unit ('ECUs' or 'controllers'). These automotive ECUs/ controllers are used in lighting, infotainment systems, automation and building technologies amongst others. Marquee customers of iSYS include BMW and Rolls Royce, which is testimony to the superior quality of controllers manufactured by the company.
The acquisition is in line with strategy of the Company to increase its offering / kit value. This will also improve export prospects from India to EU and ASEAN nations.
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