Photo Credit: INDRANIL MUKHERJEE/AFP/Getty Images.

L&T Technology Services Limited (LTTS), a leading global pure-play engineering services company, has executed a definitive agreement to acquire 100 per cent stake in Bengaluru based Graphene Semiconductor Services Private Limited by way of an all-cash deal, L&T Technology Services said on Thursday (06).

The transaction is expected to be consummated by October 2018.

“Graphene’s strong offshore presence, coupled with expertise in complete VLSI Chip Design And Embedded Software will be a force multiplier for LTTS and will enhance our capabilities in the Semiconductor and Product OEM space,” said Dr Keshab Panda, CEO, Managing Director, L&T Technology Services Limited.

Graphene is one of the fastest growing companies in the Semiconductor Services domain with a presence in India, Singapore, Taiwan, and Malaysia. Counting 10 of the world’s top semiconductor fabrication and fabless companies as its customers, Graphene provides end to end solutions right from chip design, embedded software, all the way through providing support to mass manufacturing, thereby being a one-stop service and solution provider.

Graphene was awarded the title of ‘Best Startup 2016’ by Mentor Graphics and Silicon India. Graphene had revenues of £9.24 million for the year ended March 31, 2018.