India, Sept. 22 -- IPO-bound Zetwerk and US-based transformer startup Ayr Energy have reached a settlement by agreeing to dismiss all claims in lawsuits pending before the Texas Business Court and a separate case involving Zetwerk Manufacturing Businesses and Ayr Energy's founder Anirudh Reddy before a Bengaluru court.

"The companies have dismissed all claims asserted in the lawsuits pending in the Texas Business Court and those asserted in the case involving Zetwerk Manufacturing Businesses Limited and Anirudh Reddy in XXXV Additional City Civil and Sessions Judge in Bengaluru, India, and they have jointly sought termination of the related US International Trade Commission investigation," the statement read.

The settlement comes more t...