KPIT Technologies Limited (“KPIT”) will enter into a definitive agreement wherein post regulatory approvals, ZF Friedrichshafen AG (“ZF”) will invest into a currently 100% KPIT subsidiary, Qorix. KPIT and ZF intend to invite additional partners into Qorix to create an independent company focused on the creation of world class automotive middleware stack. The induction of additional partner(s) may happen within 12-18 months.
Based on the existing development cooperation between KPIT and ZF, relevant IPs of KPIT and ZF will be transferred into the new company. Thus, both partners will bring cash and assets/IP towards their contribution to further develop the middleware stack.
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