KPIT Technologies Ltd is an Indian

multinational corporation A multinational corporation (MNC; also called a multinational enterprise (MNE), transnational enterprise (TNE), transnational corporation (TNC), international corporation, or stateless corporation, is a corporate organization that owns and cont ...

which provides engineering

research and development Research and development (R&D or R+D), known in some countries as OKB, experiment and design, is the set of innovative activities undertaken by corporations or governments in developing new services or products. R&D constitutes the first stage ...

(ER&D) services to automotive companies. The company is headquartered in

Pune Pune ( ; , ISO 15919, ISO: ), previously spelled in English as Poona (List of renamed Indian cities and states#Maharashtra, the official name until 1978), is a city in the state of Maharashtra in the Deccan Plateau, Deccan plateau in Western ...

and has development centers in

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Japan Japan is an island country in East Asia. Located in the Pacific Ocean off the northeast coast of the Asia, Asian mainland, it is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north to the East China Sea ...

and

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, apart from India. KPIT has filed 58 patents, published some research papers, and has won several awards for innovation.

History

KPIT was co-founded in 1990 by Ravi Pandit and Kishor Patil, as KPIT Infosystems. Both of them are chartered accountants by profession, and they were partners in an accountancy firm, Kirtane & Pandit Chartered Accountants (KPCA). The company made its

initial public offer An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment ...

(IPO) in 1999, which was 50 times oversubscribed. In 2002, Cummins Infotech, the IT department of

Cummins Cummins Inc. is an American multinational corporation, multinational corporation that designs, manufactures, and distributes engines, electric vehicle components, and power generation products. Cummins also services engines and related equipmen ...

merged with KPIT, and the name of the company became KPIT Cummins Infosystems Ltd. KPIT Cummins Infosystems changed its name to "KPIT Technologies Limited" in September 2013. This was in line with Cummins' decision to reduce its shareholding in KPIT, to focus on its core business of engine and generator manufacturing. In January 2018,

Birlasoft Birlasoft is an Indian multinational information technology services and consulting company, founded in 1990 and headquartered in Pune, India. It is a part of the CKA Birla Group. It operates across a variety of sectors, including manufacturi ...

, an IT company, and KPIT announced their merger, with plans to immediately split into two new companies. In April 2018, this deal was approved by the

Competition Commission of India The Competition Commission of India (CCI) is the chief national competition regulator in India. It is a statutory body within the Ministry of Corporate Affairs and is responsible for enforcing the Competition Act, 2002 to promote competition a ...

. Following the

corporate spin-off A corporate spin-off, also known as a spin-out, starburst or hive-off, is a type of corporate action where a company "splits off" a section as a separate business or creates a second incarnation, even if the first is still active. It is distinct ...

, one company focused on IT and the other on automotive was formed. The IT company operated under the name Birlasoft, and the automotive company operated under the name KPIT Technologies. According to the original plan, the shareholders of Birlasoft received 22 shares of the combined company for every 9 shares they held in Birlasoft, while the shareholders of KPIT Technologies received 1 share of the new KPIT Technologies company for every share they held in KPIT Technologies. In an interview, Ravi Pandit, co-founder, chairman, and CEO of KPIT Technologies, commented upon this deal, "Segregating business IT and automotive tech businesses will provide sharper focus on each business." On 22 April 2019, KPIT Technologies Limited got listed on BSE and NSE. The transaction resulted in two publicly traded specialized technology companies – KPIT Technologies and Birlasoft. On 6 June 2019, KPIT launched its new corporate logo.

References

{{authority control International information technology consulting firms Software companies of India Engineering companies of India Multinational companies headquartered in India Indian companies established in 1990 Technology companies established in 1990 Companies based in Pune 1990 establishments in Maharashtra Companies listed on the National Stock Exchange of India Companies listed on the Bombay Stock Exchange