Wipro To Acquire a Majority Stake in Ferretto Automation By CIOTechOutlook Team

Wipro To Acquire a Majority Stake in Ferretto Automation

CIOTechOutlook Team | Friday, 13 October 2023, 02:31 IST

Wipro Pari, Wipro Enterprises' industrial automation division, will acquire a controlling investment in Ferretto Automation & Services in Italy for an undisclosed sum. According to a joint announcement, Wipro Pari, a division of Wipro Infrastructure Engineering, has entered a formal deal to purchase a "significant majority share capital" in Ferretto Automation & Services. Ferretto Automation & Services is a Ferretto Group company situated in San Polo-Reggio Emilia.

"Ferretto Group continues to hold a minority participation in the project; Riccardo Ferretto will be the Chairman and Managing Director of the new company and will be responsible for the overall business activities," the joint statement said.

Ferretto Automation & Services specialises in the design and manufacture of automated storage systems. It manufactures a full range of state-of-the-art intra-logistics automation solutions for all storage (ASRS - Automated Storage and Retrieval Systems), handling and distribution needs, as per economic times.

The revenue of Ferretto Automation & Services is roughly 70 million euros (approximately Rs 617 crore). Azim H Premji leads Wipro Enterprises, which has two business verticals: Wipro Consumer Care and Lighting and Wipro Infrastructure Engineering.

The first is an FMCG company that sells lighting, switches, and office furniture, whereas Wipro Infrastructure is a diverse engineering company that offers hydraulics, water treatment, additive manufacturing, aerospace, and automation solutions.

According to Wipro Enterprises Managing Director Pratik Kumar, Wipro's Industrial Automation business has grown significantly over the last five years and is now a recognized market leader in providing solutions for global automotive OEMs, particularly in the emerging BEV (battery electric vehicles) and HFCV (hydrogen fuel cell vehicles).