SEPTEMBER 20249WIPRO HYDRAULICS CONCLUDES ACQUISITION OF COLUMBUS HYDRAULICSSBI SEEKING TO SELL ITS STAKE IN YES BANK TO INTERESTED PARTIESWipro Hydraulics, part of homegrown Wipro Infrastructure Engineering, on Thursday said it has acquired the US-based Columbus Hydraulics to strengthen its presence in North American market. The company did not disclose the transaction value.The entity has been acquired to strengthen presence in the North American market, Wipro Infrastructure Engineering said in a statement.Wipro Infrastructure Engineering said it has acquired 100 stake in Columbus Hydraulics through its hydraulics cylinder manufacturing business Wipro Hydraulics. Post acquisition, Columbus Hydraulics will become a wholly-owned subsidiary of Wipro Infrastructure Engineering.Pratik Kumar, CEO, Wipro Infrastructure Engineering, and Managing Director, Wipro Enterprises, said, "This acquisition strengthens our position and enhances our manufacturing capabilities in North America. By integrating Columbus Hydraulics' expertise in customized hydraulic solutions, we aim to provide even more comprehensive offerings to our customers."Sitaram Ganeshan, President of Wipro Hydraulics, said the acquisition follows the recent take over of Mailhot Industries to accelerate growth in North America. This acquisition will allow the company to offer a broader range of hydraulic solutions for varied applications.As per the company statement, the acquisition of Columbus Hydraulics its fifth for hydraulics business and fourteenth overall. The State Bank of India (SBI) is looking to finalize a deal by March to sell its 24 percent stake in Yes Bank, worth 184.2 billion rupees ($2.2 billion). This move comes as Japanese lender Sumitomo Mitsui Banking Corp and Dubai-based Emirates NBD are in advanced negotiations to acquire a majority 51 percent stake in Yes Bank, according to sources familiar with the matter.Sumitomo Mitsui, a subsidiary of Japan's second-largest bank, and Emirates NBD are both vying for significant control over Yes Bank's operations. The Reserve Bank of India (RBI) has reportedly given verbal approval for the proposal, and due diligence is currently underway.Yes Bank underwent restructuring by the RBI in March 2020 with the help of a consortium of Indian banks, including SBI, after the bank faced severe financial distress. SBI's current 24 percent stake makes it the largest shareholder in Yes Bank, with other lenders such as ICICI Bank and HDFC Bank collectively holding 9.74 percent. Additionally, two private equity funds, CA Basque Investments and Verventa Holdings, hold a combined 16.05 percent stake.The potential buyers are reportedly seeking regulatory concessions, specifically regarding the requirement to reduce promoter shareholding to 26 percent within 15 years. Negotiations on these terms are ongoing.This deal could mark a significant shift in Yes Bank's ownership structure and provide the bank with new leadership after its earlier financial difficulties. TOP STORIESSEPTEMBER 20249
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