Qualcomm will have the option to increase its shareholding up to €10 million, the exchange filing said.
Qorix GmbH is a Joint Venture Agreement company and was a 100% subsidiary of KPIT Tech. Qorix was formed as a JV between KPIT Technologies and ZF Friedrichshafen AG (ZF) to focus on creating worldclass automotive middleware stack. Post an investment worth €1.35 million by ZF towards the JV, Qorix became a 50:50 JV between the two companies.
KPIT Technologies’ board had given the approval for creating of the joint venture in April 2023.
The agreement will advance the industry’s movement towards the Software Defined Vehicle (SDV) approach, to deliver high performance, pre-integrated and scalable solutions designed to enable OEMs and tier-1 suppliers to develop next generation vehicles faster and effectively.
Post this investment, Qualcomm will also have the right to appoint one member to the advisory board of Qorix. Promoters and promoter group of KPIT Tech do not have any interest in Qorix GmbH, neither is this a related party transaction.
Shares of KPIT Technologies ended 2.3% lower on Thursday at ₹1,206. The stock has corrected 37% from its peak of ₹1,928. Shares have declined nearly 20% so far this year itself.
