Cyient, an IT firm, will acquire Citec, a worldwide plant and product engineering services company, for around Rs 800 crore in order to expand its business offerings.

Citec was established in 1984 as an international plant and product engineering services firm that serves customers in the energy, mining, process, oil and gas, and manufacturing industries. It employs 1,200 people worldwide.

According to Cyient, this will be the largest outbound acquisition by an Indian engineering services business, as well as the company’s largest acquisition to date.
The transaction will be finalized within the third quarter.
According to a regulatory filing, the transaction would be all-cash and worth around Rs 800 crore.
Citec’s revenue in 2021 was 80 million euros (about Rs 660 crore at present exchange rate).