KPIT Technologies

Last updated

KPIT Technologies
FormerlyKPIT Cummins Infosystems Ltd
Company type Public
NSE:  KPITTECH
BSE:  542651
Industry Automotive
Founders
Headquarters Pune, Maharashtra, India
Area served
Worldwide
Key people
Services Product engineering
Embedded software
RevenueIncrease2.svg₹3,405 crore (US$430 million) (FY23) [3]
Increase2.svg₹635 crore (US$80 million) (FY23) [3]
Increase2.svg₹381 crore (US$48 million) (FY23) [3]
Number of employees
12,727 (December 2023) [4]
Website www.kpit.com

KPIT Technologies Limited is an Indian multinational corporation which provides engineering research and development (ER&D) services to automotive companies. Popularly known as KPIT, the company is headquartered in Pune and has development centers in Europe, USA, Japan, and China, apart from India. [5] [6]

KPIT has filed 58 patents, [7] published some research papers, and has won several awards for innovation. [8] [9]

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). [10] [11] The company made its initial public offer (IPO) in 1999, which was 50 times oversubscribed. [12] [13]

In 2002, Cummins Infotech, the IT department of Cummins merged with KPIT, and the name of the company became KPIT Cummins Infosystems Ltd. [14]

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. [15]

In January 2018, Birlasoft, an IT company, and KPIT announced that they will merge and immediately split into two new companies. [16] In April 2018, this deal was approved by the Competition Commission of India. [17] After the corporate spin-off of the new company, an IT company and an automotive company would be formed. The IT company would work under the name of Birlasoft, and the automotive company will work under the name of KPIT Technologies. According to the original plan, the shareholders of Birlasoft would receive 22 shares of the combined company for every 9 shares they hold in Birlasoft, and the shareholders of KPIT Technologies would receive 1 share of the new company working under the name of KPIT Technologies, for every share they hold in KPIT Technologies. [16] 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." [18] 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. [19]

On 6 June 2019, KPIT launched its new corporate logo. [20] [21]

Related Research Articles

<span class="mw-page-title-main">National Stock Exchange of India</span> Indian securities marketplace

National Stock Exchange of India Limited (NSE) is one of the leading stock exchanges in India, based in Mumbai. NSE is under the ownership of various financial institutions such as banks and insurance companies. It is the world's largest derivatives exchange by number of contracts traded and the third largest in cash equities by number of trades for the calendar year 2022. It is the 7th largest stock exchange in the world by total market capitalization, as of January 2024. NSE's flagship index, the NIFTY 50, a 50 stock index is used extensively by investors in India and around the world as a barometer of the Indian capital market. The NIFTY 50 index was launched in 1996 by NSE.

Housing Development Finance Corporation was an Indian private sector mortgage lender based in Mumbai. It was the biggest housing finance company in India. It also had a presence in banking, life and general insurance, asset management, venture capital and deposits through its associate and subsidiary companies.

National Association of Software and Service Companies (NASSCOM) is an Indian non-governmental trade association and advocacy group that primarily serves the Indian technology industry. Founded in 1988, NASSCOM operates as a nonprofit organization and serves as a key entity within the Indian technology sector.

Tata Teleservices Limited along with its subsidiary Tata Teleservices (Maharashtra) Limited is an Indian internet services provider and IT services company headquartered in Mumbai, India. It is listed on BSE and NSE in India.

<span class="mw-page-title-main">Reliance Capital</span> Indian Financial Services company

Reliance Capital Limited is an Indian diversified financial services holding company promoted by Reliance Anil Dhirubhai Ambani Group. Reliance Capital, a constituent of Nifty Midcap 50 and MSCI Global Small Cap Index, is a part of the Reliance Group. It is amongst India's leading and most valuable financial services companies in the private sector. As on 31 March 2017, the net worth of the company stood at ₹16,548 crore, while its total assets as on the date stood at ₹82,209 crore. In Fortune India 500 list of 2018, Reliance Capital was ranked as the 77th largest corporation in India with 5th rank in 'Non-Banking Finance' category.

Mindtree Limited was an Indian multinational information technology services and consulting company, headquartered in Bangalore. Mindtree was acquired by Larsen & Toubro in 2019, before being merged with L&T Infotech (LTI) in 2022 to form LTIMindtree.

<span class="mw-page-title-main">Ashish Chauhan</span> Indian business executive and administrator

Ashishkumar Chauhan is an Indian business executive and administrator who is currently the Managing Director (MD) and Chief Executive Officer (CEO) of the National Stock Exchange of India (NSE). A technocrat from IIT Bombay and IIM Calcutta, Ashish was a founding member of NSE. Prior to joining NSE back in 2022, he was the Managing Director and Chief Executive Officer of the Bombay Stock Exchange (BSE) for 10 years. He is also the Chancellor of University of Allahabad and serves as a member of Governing Council of one of the premier B-Schools in India - IIM Calcutta. Ashish is best known as the father of modern financial derivatives in India, and is considered one of the foremost experts in financial market policies, Information technology, organized retail, telecommunications, cricket and Indian social issues. Ashish has been awarded Lifetime Achievement Award by Global Custodian

<span class="mw-page-title-main">3i Infotech</span> Indian IT company

3i Infotech Ltd is an Indian IT company, incorporated in 1993.

<span class="mw-page-title-main">Amara Raja Group</span> Indian multinational conglomerate company

Amara Raja Group, is an Indian multinational conglomerate company, headquartered in Tirupati, India. The group has a presence in the automotive battery business, packaged foods and beverages, electronics products manufacturing, infrastructure sector, power system production and fabrication of sheet metal products and fasteners. The Amara Raja Group is known for its automotive battery brand Amaron, the second largest selling automotive battery brand in India after Exide Industries.

LTIMindtree Limited is an Indian multinational information technology services and consulting company based in Mumbai. A subsidiary of Larsen & Toubro, the company was incorporated in 1996 and employs more than 82,000 people. It is one of the top Big Tech (India) companies.

Gateway Distriparks Limited is an Indian logistics company based in Mumbai with three business verticals: Container Freight Stations (CFS), Inland Container Depots (ICD) with rail movement and Cold Chain Storage & Logistics. The company was founded in April 1994 and originally promoted by Newsprint Trading & Sales Corporation (NTSC), CWT Distribution Limited, NUR Investment and Trading Pvt. Ltd. and Intercontinental Forest Products Pte. Ltd. (IFP) as a joint venture company to conduct the business of warehousing, container freight stations and all related activities. As of November 2015, Prism International Private Limited is the sole promoter of the company.

Anant J. Talaulicar is an Indian businessman who became Chairman & Managing Director of Cummins India in 2004. Talaulicar has worked full-time for Cummins since 1988 and has held a number of positions in the company, both in the United States and India. In November 2017, Talaulicar left Cummins India.

<span class="mw-page-title-main">Pricol</span> Indian manufacturing and engineering company

Pricol Limited is an automotive components and precision engineered products manufacturer based in Coimbatore, India. It was founded in 1972 by the late V.N. Ramachandran and N.Damodaran, but started production in 1975. It manufactures automotive components for motorcycles, scooters, cars, trucks, buses, tractors and Off-road vehicles used in the construction and Industrial segment. Pricol also manufacture sintered components and products for fleet management. Vijay Mohan is the founder, Vikram Mohan is the Managing Director and Vanitha Mohan is the Chairman.

Dalmia Bharat Limited (DBL) is an Indian conglomerate, which traces its origins to the businesses established by brothers Ramkrishna Dalmia and Jaidayal Dalmia in eastern India in the first half of the 20th century. In the 1930s, the group merged with the businesses of the Sahu Jain family to form the Dalmia-Jain Group. In 1948, the two families decided to split the businesses; the Dalmia businesses were further divided between Ramkrishna and Jaidayal.

<span class="mw-page-title-main">Berger Paints</span> Indian multinational paint company

Berger Paints Ltd is an Indian multinational paint company, based in Kolkata. This company has 16 manufacturing units in India, 2 in Nepal, 1 each in Poland and Russia. It has manufacturing units at Howrah and Rishra, Arinso, Taloja, Naltoli, Goa, Devla, Hindupur, Jejuri, Jammu, Puducherry and Udyognagar. The company has presence in five countries – India, Russia, Poland, Nepal and Bangladesh. It has an employee strength of over 3,600 and a countrywide distribution network of more than 25,000 dealers.

<span class="mw-page-title-main">Ravi Pandit</span> Indian businessman

Ravi Pandit is an Indian businessman and the co-founder and chairman of KPIT Technologies.

<span class="mw-page-title-main">Indigo Paints</span> Indian paint company

Indigo Paints Limited is an Indian paint company that is headquartered in Pune, Maharashtra, and has five manufacturing facilities that are located at Jodhpur, Kochi and Pudukkottai. The company is engaged in manufacturing, selling and distribution of decorative paints, Emulsion, enamels, waterproofing & chemical constructions, wood coatings, distemper, primers, putties and cement paints.

CreditAccess Grameen Limited is an Indian microfinance institution, headquartered in Bengaluru, which serves customers predominantly in rural areas. The company is engaged in providing microfinance services to women from low-income households who are enrolled as members and organized in Joint Liability Groups.

References

  1. ↑ "We see budgets happening in the area of digital technologies: Ravi Pandit, KPIT Technologies". The Economic Times. 27 April 2017. Retrieved 11 September 2017.
  2. ↑ "Kishor Patil, CEO of KPIT Technologies". CIO100, CIO from IDG. 17 August 2017. Retrieved 11 September 2017.
  3. 1 2 3 "Annual Report for FY 2022-23". KPIT. Retrieved 10 March 2024.
  4. ↑ "KPIT Technologies profit surges 50%, revenue 37% in Q3". Moneycontrol. 30 January 2024. Retrieved 10 March 2024.
  5. ↑ "Contact Us". KPIT Technologies. Retrieved 29 April 2019.
  6. ↑ "KPIT Q3FY20 Profit grows 19.3% sequentially". KPIT Technologies. 29 January 2020. Retrieved 29 January 2020.
  7. ↑ "Kishor Patil, CEO of KPIT Technologies". ComputerWorld India. Retrieved 9 October 2017.
  8. ↑ "Awards and Recognition". KPIT Technologies. Retrieved 9 October 2017.
  9. ↑ "2016-1017 Annual Report | Technology Innovation at the Confluence of Engineering & Digital" (PDF). KPIT Technologies. p. 14. Retrieved 9 October 2017.
  10. ↑ "Sitting Pretty". Outlook Business. 12 October 2013. Archived from the original on 14 July 2014.
  11. ↑ "As the Auto Industry Shifts Gears, KPIT Cummins Finds Room for Growth". Knowledge@Wharton. 8 October 2009. Retrieved 21 March 2016.
  12. ↑ "Investors log on to KPIT Systems, IPO oversubscribed 50 times". The Indian Express. 23 February 1999. Retrieved 21 March 2016.
  13. ↑ "KPIT Technologies Listing Information". The Economic Times. Retrieved 8 January 2019.
  14. ↑ "Cummins Infotech merges with KPIT Infosys". The Economic Times. 8 May 2002. Retrieved 21 March 2016.
  15. ↑ "KPIT adopts new brand & visual identity". Moneycontrol.com. 10 September 2013. Retrieved 21 March 2016.
  16. 1 2 "KPIT Technologies: KPIT, Birlasoft to merge and split into two publicly-traded companies". The Economic Times. 30 January 2018. Retrieved 16 May 2019.
  17. ↑ "CCI approves KPIT-Birlasoft deal". Moneycontrol.com. 9 April 2018. Retrieved 8 January 2019.
  18. ↑ "Why KPIT and Birlasoft are merging to create 2 separate companies". The Economic Times. 30 January 2018. Retrieved 8 January 2019.
  19. ↑ "KPIT Technologies gets listed on BSE and NSE". Economic Times. 22 April 2019. Retrieved 29 June 2019.
  20. ↑ "KPIT unveils its New Visual Brand Identity". Business Standard. 6 June 2019. Retrieved 9 June 2019.
  21. ↑ Control, Money. "KPIT Technologies shares gain 5% as Goldman Sachs retains 'buy' after acquisition".
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.