HCL Tech to acquire German company for Rs 2,300 crore
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The deal is expected to close by September 2023, subject to regulatory approvals. HCL Tech is looking to expand its capabilities in the automotive engineering service sector in Europe, Germany and other global markets.
New Delhi. HCL Technologies has acquired German automotive engineering services provider ASAP Group for Euro 251.11 million (about Rs 2,300 crore). According to information given to the stock market, HCL Technologies has signed a binding agreement to acquire 100 percent stake in ASAP Group. The company said the acquisition was made through its UK-based subsidiary in an all-cash deal.
The deal is expected to close by September 2023, subject to regulatory approvals. HCL Tech is looking to expand its capabilities in the automotive engineering service sector in Europe, Germany and other global markets. Hari Sadarhalli, Corporate Vice President (Engineering & R&D Services), HCL Tech, said, “Core engineering is in HCL Tech’s DNA and it truly differentiates our service portfolio. ASAP has developed some exciting capabilities in automotive engineering and this will help us grow these capabilities across our global network.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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