The equity shares of KPIT Technologies Limited were listed on nationwide bourses. Birlasoft (India) Limited was an unlisted company with having presence in business information technology solutions. These two companies were owned & run by different promoter groups.
In January 2018, KPIT Technologies Limited & Birlasoft (India) Limited joined hands and announced the amalgamation of Birlasoft (India) Limited with KPIT Technologies Limited immediately followed by the demerger of the engineering business of KPIT Technologies Limited into KPIT Engineering Limited which later got listed on nationwide bourses separately.
Sale and Consolidation of information technology business (IT) of KPIT & Birlasoft under Birlasoft management followed by listing of Birlasoft (India) Limited. The IT business of KPIT was more than double that of Birlasoft at the time of the transaction.
Separation of the engineering business under KPIT management
In fact, KPIT management sold their stake in business information technology to the promoters of Birlasoft and in the process it increased its stake in the engineering business.
The transaction was concluded in January 2019 whereby the KPIT promoter group continued to have full control of the engineering business of KPIT Technologies Limited & Birlasoft promoter group took control of the consolidated Business information technology solutions business of KPIT along with its own. The names of the companies were also changed. KPIT Technologies Limited's name changed to Birlasoft Limited & KPIT Engineering Limited's name changed to KPIT Technologies Limited. Post demerger, both KPIT & Birlasoft promoters did sell THEIR respective shares to another promoter group.
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