The automobile major after market hours on Monday announced that it will acquire an equity stake of 12.09% in Sociograph Solutions (SSPL) for a cash consideration of Rs 1.99 crore.
Explaining the investment rationale, Maruti Suzuki said, The investment would help to strengthen its offering to customers by creating customized sales experiences on the web, virtual reality and augmented reality.The aggregate cost of acquisition is Rs 1,99,90,742 for acquiring 12.09% stake in SSPL. The indicative time period for completion of the acquisition is June 2022.
SSPL is an artificial intelligence (AI) software company that specializes in a visual AI platform predominantly used to help enterprises improve sales experiences and improve efficiency in their business. SSPL works with leading enterprises in different verticals, delivering quantifiable Return on Investments by improving business metrics. SSPL generated a turnover of Rs 3.03 crore in financial year 2022 as against 1.20 crore recorded in financial year 2021.
Maruti Suzuki India is engaged in the manufacture, purchase and sale of motor vehicles, components, and spare parts (automobiles).
The automaker reported 57.7% jump in standalone net profit to Rs 1,838.9 crore on a 11.1% rise in net sales to Rs 25,514 crore in Q4 FY22 over Q4 FY21.
The scrip was trading 0.61% lower at Rs 7848 on the BSE.
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