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United Technologies Corporation arm divests its minority stake in Cyient
Carrier International (Mauritius) Ltd, a subsidiary of United Technologies Corporation (UTC), has offloaded its remaining equity stake in city-based technology major Cyient.
Hyderabad: Carrier International (Mauritius) Ltd, a subsidiary of United Technologies Corporation (UTC), has offloaded its remaining equity stake in city-based technology major Cyient.
However, the deal is subject to the trade settlement procedures of the stock exchanges, according to a release. Cyient CEO Krishna Bodanapu said: “This is the second tranche of divestment, the first being done earlier on June 7, 2017.
UTC first invested in Cyient in 2002 when the company was establishing itself as a global engineering services company. Since then, Cyient has grown considerably. UTC has been a strategic customer and investor in the company.”
Cyient has been a trusted service provider to the US-based UTC with over 1,600 engineers engaged on the client’s projects worldwide. “Their decision to divest stood testimony to the growth of the company over the years and justified the prudence of the investment made therein.
