8AUGUST 2024WIPRO HYDRAULICS CONCLUDES ACQUISITION OF COLUMBUS HYDRAULICSWipro 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.Headquartered in Nebraska, Columbus brings 150 skilled employees and a state-of-the-art plant spanning 1,20,000 square feet.Part of Wipro Enterprises, Bengaluru-based Wipro Infrastructure Engineering is a diversified business with expertise in engineering and manufacturing excellence in hydraulics, industrial automation, aerospace, water treatment, and additive manufacturing. 1.73L PANCHAYATS WITNESS DIGITAL TRANSFORMATION VIA UPI TECHNOLOGYIn a notable step towards digitization, more than 1.73 lakh panchayats across India have adopted Unified Payments Interface (UPI) technology for digital transactions. This development allows rural citizens to make tax and non-tax payments digitally, enhancing the financial strength and governance of Panchayati Raj Institutions (PRIs), announced Union Minister of State for Panchayati Raj, Professor S.P. Singh Baghel.Minister Baghel pointed out that rural residents can now use UPI platforms to pay various taxes and fees, including property tax, water tax, streetlight tax, trade license fees, building permission fees, and layout approval fees. This move not only simplifies payment processes but also strengthens financial infrastructure within rural areas.Additionally, the Minister highlighted the ease of linking Prime Minister Jan Dhan Yojana (PMJDY) accounts with UPI IDs, which facilitates seamless transactions and enhances financial inclusion. This integration allows citizens to access their accounts, perform transactions, and benefit from the PMJDY program, including RuPay Insurance coverage."This streamlined approach encourages rural citizens to take advantage of the financial services and insurance benefits provided by the government, promoting financial empowerment and security among the rural population," Baghel stated.The impact of mobile phones and digital banking services in India has been significant, lifting 800 million people out of poverty. Dennis Francis, President of the 78th Session of the United Nations General Assembly (UNGA), observed that rural farmers, who previously lacked access to banking systems, can now conduct all their business transactions using smartphones.India has seen remarkable growth in digital payments over the past decade, with UPI becoming the preferred payment method for many citizens. Baghel also noted that the Ministry of Panchayati Raj supports state efforts through Central Finance Commission Grants and the revamped Rashtriya Gram Swaraj Abhiyan (RGSA). TOPSTORIES8AUGUST 2024
< Page 7 | Page 9 >