&w=3840&q=100)
Wipro Infra to acquire majority stake in French aerospace major Lauak Group
Lauak Group is a 50-year-old family-owned company supplying aircraft parts to major global aerospace companies.
The company, however, did not divulge the quantum of stake and size of the deal.
"Wipro Infrastructure Engineering (WIN), a leading global engineering and manufacturing solutions provider and the Charritton Family, founders and current shareholders of Lauak Group, announced today at the Paris Air Show that they have entered into exclusive negotiations for a majority stake acquisition in the company.
"The proposed transaction was submitted to the relevant employee representative bodies for consultation, and all necessary approvals have now been received," a company statement said.
The transaction is expected to close in the coming months, it said.
Lauak Group and Wipro names would be combined to form Wipro Lauak.
The deal will establish a joint Board of Directors with representatives from both Wipro and Lauak to oversee the company's future operations and growth. Lauak Group CEO Mikel Charritton will remain in his role.
"This planned acquisition represents a significant moment in the continued growth of Wipro Aerospace. Lauak's rich legacy in Aerospace and specialised expertise aligns with our long-term vision of building a fully integrated, global aerospace solutions platform. Together, we would be positioned to deliver greater value, agility, and innovation to our customers worldwide," Pratik Kumar, CEO, Wipro Infrastructure Engineering, said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Telegram CEO Pavel Durov on French probe against Elon Musk's Twitter: ‘At this point, any tech company…'
French authorities are investigating Elon Musk owned X (formerly Twitter) for alleged algorithm manipulation. The social media platform denied the allegations, calling it 'a politically-motivated criminal investigation'. Responding to the news, Telegram CEO Pavel Durov has now shared an X post where he said that 'at this point, any tech company can be declared a 'criminal gang' in France". Durov further stated that such investigations can be harmful for attracting investments. 'A decade of efforts to attract tech investment is being undone by a few bureaucrats advancing their careers and political agendas — at the expense of the French people,' he wrote in the post. Why French lawmakers are probing Twitter Earlier this month, French prosecutors opened a preliminary probe into the social media platform, accusing it of data tampering. Based on suspected algorithmic bias and fraudulent data extraction, the probe authorizes police to conduct searches, wiretaps and surveillance against Elon Musk and Twitter executives, or summon them to testify. If they do not comply, a judge could issue an arrest warrant, a Reuters report said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Translation of all Languages Translation of all Languages | Search Ads Search Now Undo Twitter responds to French probe Responding to the probe, X Global Government Affairs account wrote on X: 'French authorities have launched a politically-motivated criminal investigation into X over the alleged manipulation of its algorithm and alleged 'fraudulent data extraction.' X categorically denies these allegations.' The post further continued 'This investigation, instigated by French politician Eric Bothorel, egregiously undermines X's fundamental right to due process and threatens our users' rights to privacy and free speech. Mr Bothorel has accused X of manipulating its algorithm for 'foreign interference' purposes, an allegation which is completely false.' 'X is committed to defending its fundamental rights, protecting user data and resisting political censorship,' the post concluded. Google Pixel 10 Series Launch: Everything Coming on August 20 AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
2 hours ago
- Time of India
Microsoft looks to boost AI performance in European languages
US tech behemoth Microsoft is investing millions of dollars to funnel more European-language data into AI development, company president Brad Smith told AFP Monday. With today's leading AI models mostly trained on material in English, "the survival of these languages and the health of these cultures is quite literally at stake" without a course correction, Smith said in an interview. AI models are "less capable when it is in a language that has insufficient data," he added -- which could push more users to switch to English even when it is not their native language. Microsoft will from September set up research units in the eastern French city Strasbourg to "help expand the availability of multilingual data for AI development" in at least 10 of the European Union's 24 languages, including Estonian and Greek. The work will include digitising books and recording hundreds of hours of audio. "This isn't about creating data for Microsoft to own. It is about creating data for the public to be able to use," Smith said, adding that the information would be shared on an open-source basis. The US-based company has in recent months striven to position itself as especially compatible with a gathering political push for European technological sovereignty. Leaders in the bloc have grown increasingly nervous at their dependency on US tech firms and infrastructure since Donald Trump's reelection to the White House. In June, Microsoft said it was stepping up cooperation with European governments on cybersecurity and announced new " data sovereignty " measures for its data centers on the continent. Smith said that Monday's announcement was just the latest evidence of the company's commitment to Europe. Most leading AI firms are American or Chinese, although Europe has some standouts like France's Mistral or Franco-American platform Hugging Face. Away from Microsoft, some European initiatives such as TildeLM are pushing to develop local-language AI models. The Windows and Office developer also said Monday that it was working on a digital recreation of Paris' Notre-Dame cathedral that it plans to gift to the French state, as well as digitising items from the country's BNF national library and Decorative Arts Museum.
Time of India
4 hours ago
- Time of India
Dubai launches One Freezone Passport that unlocks access to all free zones; Louis Vuitton first to join
Dubai's One Freezone Passport offers 100% foreign ownership, tax exemptions, and fast business setup across all free zones/ Image: Pexels TL;DR Dubai launched the One Freezone Passport allowing companies to operate across all free zones with a single licence. Louis Vuitton is the first company to expand using this initiative, operating in both JAFZA and DWTC Free Zone. The programme speeds up business expansion, completing setups in as little as five days. The initiative supports Dubai's goal to become a top global destination for investment and business. In a move set to redefine how global businesses operate in the region, Dubai has introduced a bold and streamlined model for commercial expansion: the One Freezone Passport. This initiative, launched by the Dubai Free Zones Council (DFZC), allows companies to operate across all free zones in the emirate under a single business licence, a significant departure from the traditionally segmented model where separate licences were required for each zone. The programme represents a major step in Dubai's long-term strategy to become one of the most agile and investor-friendly economies in the world. It also brings a powerful new proposition to the table: a single regulatory gateway into over 30 free zones across the city, each offering unique advantages in sectors ranging from technology and media to logistics and luxury retail. Unlocking a Unified Business Ecosystem The One Freezone Passport is a cornerstone initiative in line with the Dubai Economic Agenda D33, a strategy that aims to position Dubai among the top global cities for business and investment. With this new system in place, companies licensed in one free zone can expand their operations to facilities in other zones, without needing additional licences. The benefits of this integration are immediate and tangible: Faster setup times: Expansion across zones now takes as little as five days. Operational efficiency: Companies avoid the redundancy of multiple licensing requirements. Cost savings: Reduced administrative and legal overheads. Dr. Juma Al Matrooshi, Assistant Secretary General at Dubai Free Zones Council, described the One Freezone Passport as 'a transformative initiative that cements Dubai's position as a global economic powerhouse.' He added that by allowing businesses to expand seamlessly across Dubai's world-class free zones, the programme 'reinforces Dubai's reputation as a premier investment destination.' The first high-profile beneficiary of this initiative is Louis Vuitton, the French luxury fashion house. The brand now maintains its warehouse operations in Jebel Ali Free Zone (JAFZA) while having set up its corporate office at One Za'abeel, a landmark mixed-use development within the Dubai World Trade Centre Free Zone (DWTC Free Zone). This seamless dual-zone setup for Louis Vuitton, made possible by the One Freezone Passport, showcases the city's ability to combine logistical infrastructure with premium commercial real estate, without the usual licensing friction. A Case Study in Speed and Confidence The speed with which Louis Vuitton was able to onboard its new operations, in just five business days, underscores Dubai's commitment to reducing bureaucratic hurdles for international firms. Mr. Abdalla Al Banna, Vice President of Free Zone Regulatory Operations at DWTC, highlighted the significance of the Louis Vuitton onboarding, saying, ' The successful onboarding of Louis Vuitton, one of the world's most prestigious luxury brands, through the citywide One Freezone Passport initiative demonstrates both the calibre of businesses Dubai continues to attract and our commitment to fostering an efficient business environment. The company's decision to expand operations into DWTC Free Zone from JAFZA reinforces international confidence in Dubai's business ecosystem. This innovative programme from Dubai Free Zones Council enhances Dubai's attractiveness for global enterprises by enabling seamless operations across the city's free zones, actively contributing to Dubai's vision of becoming the world's leading destination for international investment and business setup.' The sentiment is echoed by Amna Al Ali, Vice President, Licensing and Registration at Jebel Ali Free Zone, who described the initiative as: 'A transformative approach to free zones operations in Dubai.' She explained that 'the programme enables companies licensed at a single free zone to benefit from facilities located in other free zones across the emirate without requiring additional licensing. This innovative framework supports Dubai's vision by allowing companies to expand their operational footprint through a streamlined and fast-paced process, enhancing the emirate's competitive advantage in the global business landscape.' What Is a Free Zone, And Why It Matters Free zones in the UAE are special economic areas offering 100% foreign ownership, tax exemptions, customs benefits, and autonomous regulatory frameworks. These zones are engineered for business simplicity and cater to specific sectors like logistics, healthcare, media, fintech, and luxury retail. Today, the UAE hosts more than 40 multidisciplinary free zones, each designed to offer: 100% foreign ownership 100% repatriation of capital and profits No corporate or income tax No customs duties Fast-track setup procedures Sophisticated infrastructure Access to regional and global markets Dubai alone is home to over 30 free zones, with many built around industry-specific clusters. From Dubai Internet City for tech startups to Dubai Design District (d3) for creatives and fashion houses, these zones have long attracted global players seeking flexible regulatory environments and world-class infrastructure. Now, the One Freezone Passport initiative unifies this fragmented ecosystem, eliminating the silos that previously required separate incorporation and licensing processes in each zone. The implementation of the One Freezone Passport not only elevates the DWTC Free Zone's profile, described as a 'catalyst for business growth and innovation,' but signals a broader evolution in Dubai's regulatory landscape. With this initiative, Dubai is not just attracting international businesses, it's giving them the tools to scale quickly, reduce costs, and operate seamlessly across the emirate. FAQs: Q: What is the One Freezone Passport? It's a new licence that lets companies operate across all Dubai free zones without needing multiple licences. Q: How many free zones does this passport cover? It covers all of Dubai's 30+ free zones. Q: Which company was the first to use this passport? Louis Vuitton was the first to adopt the One Freezone Passport. Q: What are the main benefits of this initiative? It simplifies licensing, speeds up setup, cuts costs, and helps companies expand easily across Dubai's free zones.
