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L&T Technology Services to buy Bangalore-based Graphene Semiconductor for Rs 93 crore

MUMBAI: L&T Technology Services, a mid-sized engineering services company, will buy Graphene Semiconductor Services for Rs. 93 crore in an all cash deal, to strengthen its capability in chip design and embedded software services.

Graphene, a semi-conductor services design and consulting company, clocked in a revenue of Rs. 66.3 crore in fiscal 2018. The company has presence in India, Singapore, Taiwan, and Malaysia. It is headquartered in Bangalore and has an employee strength of about 500.

LTTS, a subsidiary of Larsen & Toubro, will pay Rs. 70 crore upfront for the purchase and the rest in the form of earn-outs and retention pay spread over 3 years.

“Graphene’s strong offshore presence, coupled with expertise in complete VLSI Chip Design & Embedded Software will be a force multiplier for LTTS and will enhance our capabilities in the Semiconductor & Product OEM space,” said Keshab Panda, CEO & Managing Director, L&T Technology Services Limited.

Graphene provides end-to-end solutions — chip design, embedded software, all the way through providing support to mass manufacturing, thereby being a one-stop service and sole .. 

LTTS said the deal will give an opportunity to cross-sell to the marquee client base of Graphene. The transaction is expected to be closed by October 2018.





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