L&T Semiconductor Technologies (LTSCT), a wholly owned subsidiary of the Company has entered into a Share Purchase Agreement on 08 July 2024 for acquisition of 100% stake in SiliConch Systems.
Siliconch Systems (SiliConch, headquartered in Bangalore, was
incorporated in April 2016. The company specializes in the development / design of semiconductor Intellectual Property (IP) / Integrated Circuits (IC).
The acquisition is expected to add IP, engineering skillsets and design expertise to strengthen the Group's presence in fabless semiconductor business, and thus aligns with the overall growth strategy of
LTSCT.
The cost of acquisition includes:
1. an upfront amount of Rs 133 crore payable at Closing, subject to customary closing adjustments; and
2. a deferred amount of Rs 50 crore payable over4 years, subject to closing adjustments and achievement of certain targets and other
conditions