Azim Premji's masterstroke, to acquire majority stake in…, milestone for Wipro Aerospace, announced at…
Azim Premji- File image
Wipro Infrastructure Engineering (WIN) is a provider of engineering and manufacturing solutions. They announced on Wednesday its plan to acquire a majority stake in Lauak Group which is a French manufacturer of aircraft components.
Lauak Group was established 50 years ago and is a family-run business that supplies parts to prominent global aerospace companies. Details about the stake size and deal value are not disclosed. WIpro On Partnership With Lauak
'Wipro Infrastructure Engineering (WIN), a leading global engineering and manufacturing solutions provider and the Charritton Family, founders and current shareholders of Lauak Group, announced today at the Paris Air Show that they have entered into exclusive negotiations for a majority stake acquisition in the company.
'The proposed transaction was submitted to the relevant employee representative bodies for consultation, and all necessary approvals have now been received,' a company statement said. The transaction is expected to close in the coming months, it said. New Name: 'Wipro Lauak'
Lauak Group and Wipro names would be combined to form Wipro Lauak.
The deal will establish a joint Board of Directors with representatives from both Wipro and Lauak to oversee the company's future operations and growth. Lauak Group CEO Mikel Charritton will remain in his role.
'This planned acquisition represents a significant moment in the continued growth of Wipro Aerospace. Lauak's rich legacy in Aerospace and specialised expertise aligns with our long-term vision of building a fully integrated, global aerospace solutions platform. Together, we would be positioned to deliver greater value, agility, and innovation to our customers worldwide,' Pratik Kumar, CEO, Wipro Infrastructure Engineering, said.
(With Inputs From PTI)
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