KPIT Technologies Limited (NSEI:KPITTECH) agreed to acquire Vayavya Labs Pvt. Ltd. for approximately INR 420 million on March 11, 2020. As per the terms of the transaction the consideration shall be paid in cash. Initially 78.47% stake is proposed to be acquired for INR 245.6 million and the balance stake to be acquired over a period of 2 years. Vayavya Labs Pvt. Ltd. reported annual turnover of INR 91.34 million in the financial year ending March 31, 2019. The transaction is subject to customary closing conditions and is expected to close in first quarter of financial year 2021. As of May 5, 2020, transaction is expected to close in fourth quarter of financial year 2021. The deal is expected to be earning per share accretive.