IT company KPIT Cummins plans to set up a wholly-owned subsidiary focussing on solutions for manufacturing, automotive and electronics segments in Brazil by the end of December this year.
"It [the new subsidiary] will be a 100% owned subsidiary of KPIT Cummins. This subsidiary will primarily focus on solutions for manufacturing, automotive and electronics. It will also provide ERP solutions to clients in this market," KPIT Cummins Managing Director and CEO Kishore Patil said.
Though Patil did not disclose the investment to be made in the subsidiary but it is learnt that board of the company has approved initial investment of $750,000 (over Rs 3.67 crore).
The company provides IT solutions to customers in different verticals and also implements Enterprise Resource Planning (ERP) software solutions which helps in synchronising information for the company.
The company is looking at building team of 250-300 people by the end of next year, he added.
KPIT Cummins had acquired 50% stake in business software company Systime Global in first quarter of the ongoing financial year 2012. It has plans to the acquire rest of the stake in Systime over period of three years.
"We already have some presence in Brazil through Systime. We would like to do it now across our offerings. Brazil is a good market for us to grow. We will be setting up this subsidiary in two months time," Patil said.