Pure-play engineering services company L&T Technology Services (LTTS) Limited announces a definitive agreement to acquire 100 per cent stake in Bangalore-based Graphene Semiconductor Services Private Limited.
The acquisition worth Rs. 930 million was said to be done in all cash which includes Rs 230 million payment in the form of earn-outs and retention pay spread over 3 years.
“Graphene’s strong offshore presence, coupled with expertise in complete VLSI Chip Design & Embedded Software will be a force multiplier for LTTS and will enhance our capabilities in the Semiconductor & Product OEM space,” said Dr Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.
Graphene is one of the fastest growing companies in the Semiconductor Services domain with a presence in India, Singapore, Taiwan, and Malaysia and had a turnover of Rs 663 million in FY18.
Counting among 10 of the world’s top semiconductor fabrication and fabless companies as its customers, Graphene provides end-to end solutions -— right from chip design, embedded software, all the way through providing support to mass manufacturing, thereby being a one-stop service and solution provider.
The transaction is expected to be completed by October 2018.
Graphene is one of the fastest growing companies in Semiconductor Services with a presence in India, Singapore, Taiwan, and Malaysia; FY18 turnover was Rs 663 mn.