KPIT Technologies finalizes acquisition of Caresoft at USD 157 million
This is with reference to our intimation dated May 6, 2025, wherein we had informed about the acquisition of Caresoft (Caresoft Global Technologies, Inc. USA, Caresoft Engineering Services Limited, UK, CAREGLOTECH de RL de CV Mexico, OXI SRL Italy) for total consideration of up to US$191 Million. Further to the completion of customary closing conditions and overall changes in the macros business environment, the parties together renegotiated the consideration amount for Caresoft. Subsequently, the amount for acquisition of Caresoft is finalized at total consideration up to US$ 157 Million (including US$ 15 Million variable pay based on achievement of revenue and other business synergy milestones). This consideration can be paid for in one or more tranches over a period of 4 years. Other terms & conditions of said agreement remain unchanged.
This acquisition will strengthen KPIT's Vehicle Engineering & Design and Truck, Off-Highway offerings as it will integrate downstream engineering and benchmarking services. This will help the company achieve a faster go-to market for products, resulting in cost savings for OEMs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
18 minutes ago
- Economic Times
A chill is setting in that will take a long time to recover in the India-US relationship
Synopsis The India-US relationship has deteriorated, with disproportionate responses from the White House despite India's efforts to address trade concerns. Political imperatives in the US, rather than trade merits, seem to be driving the decisions, leading to a chill in relations and a hardening public mood in India. Over the past few weeks, as the India-US relationship has near-imploded, several opinions and assessments have emerged. Most analysts have been measured and thoughtful, and attempted to discern the long view. Others have been astonishingly uninformed, ranging from amateurs talking through their hats to (former) professionals opining through their golf caps. ADVERTISEMENT To be sure, any consequential policy episode must see a reckoning and self-appraisal within the government. This is to be expected in an accountable democracy. The external affairs ministry, commerce ministry and even the PMO would naturally undertake such an exercise. Were there diplomatic missteps? Could the trade negotiations have gone differently? Were gaps in Operation Sindoor's strategic comms deterministic? These are all good questions. Since there is always room for improvement, they must be asked and deliberated upon. However, this should not deflect from a fundamental and pivotal point: nothing India did, no act of commission or omission, merited the sort of response that has come from the White House and Trump regime. It's egregiously disproportionate. Inevitably, this warrants the conclusion that the issue is not about some minor sticking point that can be resolved with a 'high-level phone call' here, or more 'trade concessions' there. Advice that India should rethink its position on GM food, or making investment announcements even without resources to back them, is not particularly sensible those who should know better have advocated reckless and adventurist approaches that no Indian minister, civil servant or public official - past, present and future - can carry out. The legitimate restraints of the Indian system will always - and correctly - prevent also needs to be said India's diplomats recognised the importance of the trade and tariffs issue very early, and worked to a win-win plan. On their part, trade negotiators from the commerce ministry - again, often criticised - came up with the most ambitious market-access package in India's history. They were given the political space for it by the PM, and they delivered. ADVERTISEMENT Whatever else it is, the White House's rejection/non- acceptance of the trade offer - which would give the US an unprecedented market and strategic advantage in India - is not on merits. Even USTR insiders have that appreciation. So, what is driving the Trump regime's decision flow? How goalposts have shifted repeatedly in recent weeks would suggest that trade imperatives have long given way to political imperatives, perhaps even strategic and domestic calculations in the US president's inner council. If that is, indeed, the case, the basket of bilateral challenges could both deepen and expand in the near term. ADVERTISEMENT Either way, the relationship will take a long time to recover to the levels of political trust it has been used to over the past 20 years. A chill is setting in. The public mood is hardening, and the pressure on the Narendra Modi government - including on its ability to offer further trade concessions - is there for all to reckoning in New Delhi is that India is facing the most structured and coercive assault on its strategic autonomy - industrial and policy - in a long time. Inevitably, this perception will shape reactions. Consequences will not be limited to just the immediate future. ADVERTISEMENT No doubt there will be an economic cost. 50% tariffs are not going to be easy to manage, particularly for industries significantly dependent on US exports. Yet, this will also make other sectors wary of the geopolitical risks of excessive market exposure to the US. Rather than spur further engagement - as the trajectory of India-US relations has done in recent decades - it will induce caution and a desire to hedge and diversify. India's economic approaches towards China and Russia will become a self-fulfilling prophecy for Washington's tariff a slightly longer, but still not-too-distant, timeframe, India could conclude a trade deal with the EU. Once the EU recovers from its current 'He loves us, he loves us not' trans-Atlantic minuet, and assesses its position in the ballroom, it will note the opportunity of the moment. Next, India needs to find a non-China, non-RCEP (Regional Comprehensive Economic Partnership) pathway to an economic and supply chains partnership with the Indo-Pacific. ADVERTISEMENT CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) lends itself as an idea. Admittedly, CPTPP standards are very stringent. Could there be a trade-off between political comfort - the absence of arm-twisting and/or supply chains surrender - and calibrating just how much an external trade agreement could be used to drive internal reform and regulatory change? The process will not be easy, or without pain. Even so, if it is achieved, it could give India a longer-term hedge and option vis-a-vis the US. The lessons of the Summer of 2025 will alter the baseline for a reset, whenever that happens. This is not a stare-down India wanted - or, more accurately, wants. But whatever happens, India cannot allow itself to be outstared. (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of (Catch all the Business News, Breaking News, Budget 2024 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online. NEXT STORY
Time of India
40 minutes ago
- Time of India
IIT-Kgp aims to boost global outreach in 75th yr
Kolkata: As IIT Kharagpur, first and largest IIT in the country, on Monday unveiled a series of transformative initiatives in innovation, knowledge, global outreach and community-building on its 75th foundation day. Adani Group chairman Goutam Adani delivered the plenary address. Union education minister Dhramendra Pradhan was the chief guest, MoS for education Sukanta Majumdar the guest of honour and US consul-general Kathy Giles-Diaz was among distinguished dignitaries. An alumnus, Ashok Dey Sarkar, his wife Ruma, son Shion and elder brother Samir gifted a personal property, worth nearly $ 10 million in Houston to IIT Kharagpur. "This will serve as the foundation of IIT-Kgp's Outreach Centre in the US, enabling global engagement, alumni collaboration and Indo-US partnerships at a new scale," said director Suman Chakraborty. The director announced Centres of Excellence on Digital Twins with a flagship focus on a globally unique Med-Tech Convergence Unit. "This hub will house path-breaking initiatives, including the world's first ultra-low magnetic field MRI research unit, designed to bring life-saving diagnostic tech within the reaches of the poorest," he said, adding Manekshaw Centre for Defence and Security Research was also opened, with a focus on hardware security and healthcare tech. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like American Investor Warren Buffett Recommends: 5 Books For Turning Your Life Around Blinkist: Warren Buffett's Reading List Undo You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata | Gold Rates Today in Kolkata | Silver Rates Today in Kolkata Platinum Jubilee Endowment Fund was launched to provide strategic high-value scholarships and introduce Chief of Staff models to inspire students "to become trendsetters instead of job-seekers, leading innovation". The campus introduced a Visiting Fellowship model to bring in the finest postdoc scholars, faculty, and scientific leaders from across the globe. Pradhan said "It is about looking forward to shaping our future in clean energy, AI, healthcare and innovation." Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Time of India
an hour ago
- Time of India
Indian drugmakers seek exemption for generics from US supplies probe
Mumbai: A US government probe into pharmaceutical imports and their implications on national security must exclude generic drugs from its purview, a business delegation from the Indian pharmaceutical industry told Union commerce minister Piyush Goyal at a meeting held last week. The local industry's contention assumes significance in the backdrop of the impending India-US bilateral trade agreement and the uncertainty over reciprocal tariffs being imposed by the US government. So far, the US has exempted pharmaceutical imports from the proposed tariffs of 50%, half of which are to kick in on August 27. Experts said that the issues related to supplies of medicines from India to the US are critical given the plans of Prime Minister Narendra Modi to visit China for the upcoming Shanghai Cooperation Organisation meeting later this month in Tianjin. In April, under Section 232 of the Trade Expansion Act, 1962, the US government had initiated an investigation into imports of medicines to the country, sparking concerns over potential supply chain disruptions and pricing volatility there. The law grants authority to the US President to impose restrictions on such imports if those are deemed to threaten US national security. People familiar with the mater told ET that the meeting with the pharmaceutical industry was called by the commerce ministry to discuss a range of issues, including ways to tackle abrupt disruptions and to strengthen the industry with closer attention to new research and innovation. A note in May from global consulting firm EY said that historically, Section 232 has been used to justify tariffs on steel, aluminium and automobiles.
