Mumbai, Jul 9 (IANS): Indian conglomerate Larsen & Toubro on Tuesday said its wholly-owned subsidiary L&T Semiconductor Technologies is acquiring fabless semiconductor design company SiliConch Systems for Rs 183 crore.

The acquisition cost consists of an upfront amount of Rs 133 crore and a deferred amount of Rs 50 crore payable over four years.

In a stock exchange filing, the company said that L&T Semiconductor Technologies Limited (LTSCT) has entered into a share purchase agreement for acquisition of 100 per cent stake in SiliConch Systems Private Limited.

“The acquisition is expected to add IP, engineering skill-sets and design expertise to strengthen the Group’s presence in the fabless semiconductor business, and thus aligns with the overall growth strategy of LTSCT,” said the group company.

The acquisition of SiliConch is expected to be completed by September 15, subject to customary closing conditions.

SiliConch, with a team of 61 employees, is a fabless semiconductor design company which develops System-on-Chip IP, and has 30 granted patents across geographies.