United Technologies Corporation has decided to exit from Cyient Limited, a city-based IT firm, by selling its minority stake.
According to a statement issued by Cyient, this is the second tranche of divestment by UTC, the first being done earlier in June 2017 and the current transaction is subject to the trade settlement procedures of the stock exchanges.
"On expected lines and further to our communication on this dated June 7, Carrier International (Mauritius) Limited, a subsidiary of UTC, has executed a trade earlier today to divest its balance equity shareholding in Cyient, according to information available on the NSE, subject to the trade settlement procedures of the stock exchanges," it said without disclosing the financial details.
UTC first invested in Cyient in 2002 when the company was establishing itself as a global engineering services company.
Since that time, Cyient has grown considerably and remains a trusted service provider to UTC with over 1,600 engineers engaged on UTC projects worldwide, it said.
Their decision to divest stood testimony to the growth of the company over the years and justified the prudence of the investment made therein. The return on the investment corroborated the impeccable credentials of Cyient to create value for its investors, Cyient CEO Krishna Bodanapu said.
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