Mumbai-based IT firm Rolta has acquired Piocon Technologies, a Chicago-based firm that has customers in the oil and gas sector. The acquisition gives Rolta access to solutions, which address critical operational needs of refineries.
Rolta shares were up 1.4 percent on Monday at Rs 111 on the BSE.
ET had reported that Rolta was close to finalising the deal in its Monday edition. Currently, all of Piocon’s customers are based in the US and Rolta plans to expand this to the Middle East and India, CMD KK Singh said. Piocon’s website lists oil major Chevron as one of its customers. Chevron has a stake in Reliance Petroleum.
Rolta also intends to cross-sell these services to its existing customers for engineering design, which are mostly in oil and gas, petrochemical and energy sectors. “This (Piocon’s) solution is eminently suited to be extended beyond refinery operations to up-stream and down-stream operations in oil and gas, and to other industry segments like petrochemicals, mining, power, and especially highly regulated sectors like pharmaceuticals and nuclear power,” said Rolta
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