BENGALURU: CK Birla Group-owned Birlasoft and KPIT Technologies will merge together to create a $700 million company, which will then split into two publicly-traded companies, a complex procedure that will create two specialized IT players.Birlasoft and KPIT promoters will launch an open offer for KPIT's minority shareholders. "With this, Birlasoft will expand its industry leading capability in Enterprise solutions with unmatched digital capability. "We will be focused on building the KPIT brand as the foremost organisation in the world for Automotive Engineering and Mobility Solutions. The world of Automotive and Mobility are at the cusp of great change and we are excited to be at the technology forefront in this global movement. While transitioning the "Business IT Services" business to Birlasoft in the next year, our team will continue to work with Birlasoft to ensure the best service to the KPIT Business IT customers," Ravi Pandit, chairman of KPIT, said.Kotak Investment Banking advised CK Birla and Birlasoft, while Avendus Capital advised KPIT.

Source: Economic Times January 29, 2018 17:03 UTC